{"id":19631,"date":"2024-07-06T03:05:19","date_gmt":"2024-07-06T03:05:19","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/cybersecurity-an-important-investment-for-businesses-success\/"},"modified":"2024-07-06T03:05:19","modified_gmt":"2024-07-06T03:05:19","slug":"cybersecurity-an-important-investment-for-businesses-success","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/cybersecurity-an-important-investment-for-businesses-success\/","title":{"rendered":"Cybersecurity, an important investment for businesses\u2019 success"},"content":{"rendered":"<div>\n<h2>Recent <em>BusinessWorld Insights<\/em> looks through best practices for safeguarding businesses in the digital space<\/h2>\n<p><b><span data-contrast=\"auto\">By Mhicole A. Moral<\/span><\/b><span data-contrast=\"auto\">, <\/span><i><span data-contrast=\"auto\">Special Features and Content Writer<\/span><\/i><span data-ccp-props='{\"201341983\":0,\"335559739\":160,\"335559740\":278}'>\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">As organizations increasingly rely on digital infrastructure, the threat landscape continues to expand, demanding proactive and adaptive strategies to safeguard sensitive data and critical systems.<\/span><\/p>\n<p><span data-contrast=\"auto\">According to a report published by IT Governance, a total of 35,900,145,035 known records have been breached in 9,478 publicly disclosed incidents worldwide as of May 2024. Another report by the International Monetary Fund (IMF) found that the risk of extreme losses from cyber incidents has more than quadrupled since 2017, reaching $2.5 billion. These incidents can undermine trust in the financial system, disrupt critical services, and cause spillover effects to other institutions, posing serious concerns for financial stability.<\/span><\/p>\n<p><span data-contrast=\"auto\">Ransomware attacks, for instance, have doubled each year since 2019, according to McKinsey &amp; Company. During the early months of the COVID-19 pandemic, ransomware attacks spiked by 148%, while phishing incidents increased by 510%<\/span><span data-contrast=\"auto\">\u200b<\/span><span data-contrast=\"auto\">.<\/span><\/p>\n<p><span data-contrast=\"auto\">Artificial intelligence (AI)-driven attacks are also adapting and evolving, making traditional cybersecurity measures less effective. A 2023 report from McKinsey highlights that 53% of organizations acknowledge AI-related cybersecurity risks, yet only 38% are actively working to mitigate these threats<\/span><span data-contrast=\"auto\">\u200b.<\/span><\/p>\n<p><span data-contrast=\"auto\">Experts have noted that businesses and individuals must stay vigilant and proactively address the evolving cyber threats to protect their assets, maintain trust, and safeguard the broader economic and financial system during the <\/span><i><span data-contrast=\"auto\">BusinessWorld<\/span><\/i> <i><span data-contrast=\"auto\">Insights<\/span><\/i><span data-contrast=\"auto\"> forum, with a theme \u201cEnsuring Business Growth through Cybersecurity,\u201d last June 25 at Dusit Thani Manila.<\/span><\/p>\n<p><b>Securing the future of cybersecurity in the country<\/b><\/p>\n<p><span data-contrast=\"auto\">In his keynote address, Department of Information and Communications Technology (DICT) Assistant Secretary Renato \u201cAboy\u201d A. Paraiso said that the Philippines has been active in strengthening the country\u2019s capability to secure transactions in cyberspace, stating the importance of the implementation of the National Cybersecurity Act, the implementation of minimum standards, and capacity building initiatives.<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cThrough Executive Order Number 58, Series of 2024, the National Cybersecurity Plan of 2023 to 2028 was adopted as the whole-of-nation approach the blueprint for bolstering the national cybersecurity defenses,\u201d he mentioned. \u201cThe DICT provides the frontline services including the National Security Operations Center or the NSOC. The NSOC operates around the clock to detect and respond to incidents which the dedicated analysts working on a 24\/7 shifting schedule, monitoring the assets of all connected agencies and departments.\u201d<\/span><\/p>\n<p><span data-contrast=\"auto\">According to the Assistant Secretary, NSOC has been proactive in detecting and resolving cybersecurity incidents in the Philippines. To date, the center has handled 3,925 incidents, successfully mitigating and closing 3,210 of these cases, which equates to an 82% resolution rate. Most of these incidents involved breaches within government agencies and local government units (LGUs), with an average resolution time of 30 days.<\/span><\/p>\n<p><span data-contrast=\"auto\">In December 2023, the DICT launched Project SONAR, an initiative aimed at securing online networks through comprehensive assessment and response mechanisms. According to Mr. Paraiso, Project SONAR performs monthly scans to flag and hunt down vulnerabilities, detecting exposures and misconfigurations in publicly accessible government websites and web applications.<\/span><\/p>\n<figure id=\"attachment_606391\" aria-describedby=\"caption-attachment-606391\" style=\"width: 1371px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" fetchpriority=\"high\" loading=\"lazy\" fetchpriority=\"high\" decoding=\"async\" class=\" wp-image-606391\" src=\"https:\/\/energybuzz.ph\/staging\/6915\/wp-content\/uploads\/2024\/07\/keynote-OL.jpg\" alt=\"\" width=\"1371\" height=\"769\" srcset=\"https:\/\/energybuzz.ph\/staging\/6915\/wp-content\/uploads\/2024\/07\/keynote-OL.jpg 770w, https:\/\/www.bworldonline.com\/wp-content\/uploads\/2024\/07\/keynote-OL-300x168.jpg 300w, https:\/\/www.bworldonline.com\/wp-content\/uploads\/2024\/07\/keynote-OL-768x431.jpg 768w, https:\/\/www.bworldonline.com\/wp-content\/uploads\/2024\/07\/keynote-OL-749x420.jpg 749w, https:\/\/www.bworldonline.com\/wp-content\/uploads\/2024\/07\/keynote-OL-640x359.jpg 640w, https:\/\/www.bworldonline.com\/wp-content\/uploads\/2024\/07\/keynote-OL-681x382.jpg 681w\" sizes=\"auto, (max-width: 1371px) 100vw, 1371px\"><figcaption id=\"caption-attachment-606391\" class=\"wp-caption-text\">Department of Information and Communications Technology (DICT) Assistant Secretary Renato \u201cAboy\u201d A. Paraiso delivered the keynote address during the BusinessWorld Insights forum last June at Dusit Thani Manila.<\/figcaption><\/figure>\n<p><span data-contrast=\"auto\">\u201cThe NCSP (National Cybersecurity Plan) vision is [to create] a trusted, secure, [and] reliable cyberspace for every Filipino.\u201d Mr. Paraiso said. \u201c[It] focuses on three outcomes: First, proactive protection and security for the state and its people in cyberspace. Second, increasing cybersecurity workforce capabilities. Third, strengthening the cybersecurity policy framework.\u201d<\/span><\/p>\n<p><span data-contrast=\"auto\">The first outcome emphasizes the protection of the state and its citizens in cyberspace. The plan includes the development of a secure government network infrastructure and the reorganization of the cybersecurity bureau. These measures are aimed to ensure proper threat monitoring and response, particularly within government institutions.<\/span><\/p>\n<p><span data-contrast=\"auto\">Mr. Paraiso added that the second outcome focuses on training and capacitating the workforce, aiming to ensure the public and private sectors have an adequate number of skilled cybersecurity professionals.<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cI think the most important part of the vision that we are currently undertaking in the implementation of the National Cybersecurity Plan is the upscaling of our workforce,\u201d he emphasized. \u201cThere is a great disparity between the salaries of those in government and in the private sector. So, once we train our workforce in the government, most of the time they leave because of the opportunities outside. So, it\u2019s important for us not only to upskill but also have that capacity [to retain] the workforce.\u201d<\/span><\/p>\n<p><span data-contrast=\"auto\">The third outcome aims to solidify the cybersecurity policy framework. The DICT, as mentioned by Mr. Paraiso, is committed to ensuring the effective implementation of existing laws, rules, and regulations related to cybercrime and cybersecurity. A key component of this outcome is the proposed Cybersecurity Act.<\/span><\/p>\n<p><span data-contrast=\"auto\">The Cybersecurity Act, currently pending before Congress, highlights the role of communication and information in nation-building. It emphasizes the protection of life, liberty, and property, and the promotion of general welfare. The bill aims to combat cybersecurity offenses through detection, investigation, prosecution, and international cooperation.<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cHopefully, it gets passed as part of the framework of the National Cybersecurity Plan. This act entails that we should adopt the just measures to improve our cybersecurity, not only posturing, but our cybersecurity capabilities as well.\u201d<\/span><\/p>\n<p><b>Enhancing cybersecurity for businesses<\/b><\/p>\n<p><span data-contrast=\"auto\">Industry leaders emphasized the importance of emerging technologies and strategies in enhancing cybersecurity, highlighting the evolving nature of threats and the need for proactive defenses.<\/span><\/p>\n<p><span data-contrast=\"auto\">Marlon Cruz, director for Business Development at Globe Business, said that the shift towards hybrid work models, accelerated by the pandemic, introduced new vulnerabilities that necessitates a comprehensive inspection of all network traffic.<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cEverything inside the perimeter used to be trusted. We only inspected the north and south traffic. But with today\u2019s business evolution, adopting software as a service (SaaS) and moving towards cloud infrastructure, we cannot trust what\u2019s inside anymore. We must inspect east and west traffic, too,\u201d he said during the forum\u2019s first panel discussion.<\/span><\/p>\n<p><span data-contrast=\"auto\">As a key player in the digital financial sector, GCash emphasized trust and security as fundamental components of their mission.<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cGCash is in the business of financial inclusion and financial health improvement,\u201d said GCash Chief Information and Security Officer Miguel Geronilla. \u201cThat, itself, is a noble task, but we\u2019re also in the business of trust and security because you wouldn\u2019t pour your money into an [application] or a financial institution where it\u2019s not safe and secure.\u201d<\/span><\/p>\n<p><span data-contrast=\"auto\">Similarly, an official from Tonik Digital Bank, Inc. shared that there is a growing number of cyberattacks targeting businesses, especially financial institutions.<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cWe need to assess what we can do more, and what areas to look into, which entails looking at emerging technologies. Even cyber attackers are using advanced methods to execute their attacks. AI, for instance, may be beneficial to companies, especially if it\u2019s aligned with their business needs and models,\u201d said Catherine Ann Paleracio, chief information security officer (CISO) of Tonik.<\/span><\/p>\n<p><span data-contrast=\"auto\">IBM Consulting Philippines Cybersecurity Leader Renne Barcelona also emphasized that cybersecurity should be considered integral to economic stability and growth.<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cOur country\u2019s water supply, electrical grid, and even payroll systems for private corporations are all vulnerable. A prolonged attack on any of these could paralyze operations and lead to severe economic consequences,\u201d he explained. \u201cConsider the impact of losing electrical supply for seven days or the grounding of all international flights due to a cyberattack. These scenarios underline the necessity of robust cybersecurity measures. The potential for disruption makes cybersecurity a key enabler of business continuity and economic stability.\u201d<\/span><\/p>\n<p><span data-contrast=\"auto\">Meanwhile, a representative from ISACA, a nonprofit global organization dedicated to the development, adoption, and use of globally accepted information security standards and practices, stressed the need for businesses to protect their digital infrastructures as they integrate technology into their operations.<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cTechnology is not just an enabler of business nowadays; it is already an integral part of it. Our operations are increasingly intertwined with application systems that provide competitive advantage to our organization. The data and information out of these systems give us those insights that are needed for intelligent business decision making,\u201d mentioned Raymond Reglos, president of ISACA Manila Chapter.<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cBut aside from us,\u201d he added, \u201cthe malicious actors also wanted the same information. Therefore, the need to protect our data or infrastructure or application systems. Also, data privacy has never been more urgent.\u201d<\/span><\/p>\n<p><span data-contrast=\"auto\">Moreover, cyber threats have evolved from isolated incidents to a sophisticated ecosystem of cyber criminals.<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cGone are the days that hackers deface websites for fun. Today, it\u2019s about gaining something tangible,\u201d Mr. Reglos highlighted.<\/span><\/p>\n<p><span data-contrast=\"auto\">To effectively counter these increasing threats, businesses must harness emerging advanced technologies and improve their digital literacy.<\/span><\/p>\n<p><span data-contrast=\"auto\">For its part, Globe Business has been proactive in building robust cybersecurity measures. \u201cWe started our Cybersecurity Initiative Blueprint in 2014, built our infrastructure in 2015, and operationalized our Security Operations Center (SOC) in 2016,\u201d said Mr. Cruz.<\/span><\/p>\n<p><span data-contrast=\"auto\">By 2018, Globe had centralized its SOC, extending its capabilities to the Globe Group and Ayala Corp. He also mentioned that the continuous optimization efforts of the company are supporting Globe\u2019s transition from a telco company to a \u2018TechCo\u2019 company.<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cWe\u2019re automating our processes to create cybersecurity policies effectively. As we evolve from a telco to a tech company, we aim to improve our awareness and build a culture of cybersecurity,\u201d Mr. Cruz stated.<\/span><\/p>\n<p><span data-contrast=\"auto\">Globe Business also aims to help enterprise clients understand their cybersecurity maturity. As the Globe Business Director mentioned, \u201cWe assess whether clients are reactive, proactive, or adaptive in their cybersecurity strategies. There\u2019s no foolproof solution, but as clients mature in their cybersecurity practices, they become more resilient.\u201d<\/span><\/p>\n<p><span data-contrast=\"auto\">Ms. Paleracio of Tonik highlighted the capability of artificial intelligence to process vast amounts of data and automate tasks critical for security analysts.<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cAI will be a powerful tool moving forward. because of its capability to process large [amounts] of data and automate things that are helpful to security analysts. But just like any security tool, we need to customize it based on the needs of the organization,\u201d she added.<\/span><\/p>\n<p><span data-contrast=\"auto\">The Tonik executive also emphasized the critical issue of manpower shortages in cybersecurity, stressing the importance of continuity through effective succession planning. This approach ensures that there are skilled professionals ready to step into key roles, mitigating the impact of staffing challenges on cybersecurity operations.<\/span><\/p>\n<p><span data-contrast=\"auto\">Meanwhile, IBM\u2019s Mr. Barcelona reiterated the fundamental objectives of cybersecurity: Confidentiality, Integrity, and Availability (CIA).<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cOne of the primary goals of cybersecurity is to ensure that there will be zero data breach incidents happening every day, because a breach incident will result in business downtime or business disruption,\u201d he said.<\/span><\/p>\n<p><span data-contrast=\"auto\">Mr. Geronilla of GCash added that since cybersecurity is a shared responsibility, businesses must educate consumers alongside including them in digital space, which the fintech company does by educating them in managing their digital finances. He also emphasized the importance of integrating cybersecurity into the core of business strategy, ensuring that cybersecurity measures align with business objectives and safeguard against evolving threats.<\/span><\/p>\n<p><span data-contrast=\"auto\">Supporting this statement, Mr. Reglos said, \u201cAs we embrace innovation, we must also cultivate a culture of continuous learning, awareness and adaptation, ensuring that we are only not prepared for the challenges of the day, but also equipped to tackle the uncertainties of tomorrow.\u201d<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cThe key to security is embedded in the word itself: \u2018you are it.\u2019 Security is everyone\u2019s responsibility. It\u2019s everyone\u2019s task to secure our data infrastructure,\u201d he added.<\/span><\/p>\n<p><b>Safeguarding digital infrastructure through policies<\/b><\/p>\n<figure id=\"attachment_606389\" aria-describedby=\"caption-attachment-606389\" style=\"width: 1214px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\" wp-image-606389\" src=\"https:\/\/energybuzz.ph\/staging\/6915\/wp-content\/uploads\/2024\/07\/panel-2-OL.jpg\" alt=\"\" width=\"1214\" height=\"911\" srcset=\"https:\/\/energybuzz.ph\/staging\/6915\/wp-content\/uploads\/2024\/07\/panel-2-OL.jpg 770w, https:\/\/www.bworldonline.com\/wp-content\/uploads\/2024\/07\/panel-2-OL-300x225.jpg 300w, https:\/\/www.bworldonline.com\/wp-content\/uploads\/2024\/07\/panel-2-OL-768x576.jpg 768w, https:\/\/www.bworldonline.com\/wp-content\/uploads\/2024\/07\/panel-2-OL-560x420.jpg 560w, https:\/\/www.bworldonline.com\/wp-content\/uploads\/2024\/07\/panel-2-OL-80x60.jpg 80w, https:\/\/www.bworldonline.com\/wp-content\/uploads\/2024\/07\/panel-2-OL-100x75.jpg 100w, https:\/\/www.bworldonline.com\/wp-content\/uploads\/2024\/07\/panel-2-OL-180x135.jpg 180w, https:\/\/www.bworldonline.com\/wp-content\/uploads\/2024\/07\/panel-2-OL-238x178.jpg 238w, https:\/\/www.bworldonline.com\/wp-content\/uploads\/2024\/07\/panel-2-OL-265x198.jpg 265w, https:\/\/www.bworldonline.com\/wp-content\/uploads\/2024\/07\/panel-2-OL-640x480.jpg 640w, https:\/\/www.bworldonline.com\/wp-content\/uploads\/2024\/07\/panel-2-OL-681x511.jpg 681w\" sizes=\"auto, (max-width: 1214px) 100vw, 1214px\"><figcaption id=\"caption-attachment-606389\" class=\"wp-caption-text\">(From L-R) BusinessWorld Multimedia Producer Patricia B. Mirasol (moderator and host); Atty. Aubin Arn Nieva of the National Privacy Commission; DICT Assistant Secretary Renato \u201cAboy\u201d A. Paraiso; and Alex Bernardino of ePLDT and PLDT Enterprise during the second panel discussion of the BusinessWorld Insights forum held last June<\/figcaption><\/figure>\n<p><span data-contrast=\"auto\">Stakeholders can collaboratively mitigate cyber threats and safeguard the nation\u2019s digital future, supported by proactive policies and public-private partnerships.<\/span><\/p>\n<p><span data-contrast=\"auto\">According to National Privacy Commission (NPC) Director of Data Security and Compliance Office, Atty. Aubin Arn Nieva cybersecurity efforts must begin with a strong foundation of digital citizenship.<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cStrengthening cybersecurity cultivating it from the roots. It does not begin with the intricate software and hardware that we employ in the organization. It begins with the individual. Cybersecurity begins with the person accessing cyberspace,\u201d he said during the second panel discussion of the forum.<\/span><\/p>\n<p><span data-contrast=\"auto\">At an organizational level, the NPC director stressed the importance of strong corporate governance as the foundation for effective data management and cybersecurity practices. For instance, a robust governance framework not only ensures compliance with regulatory requirements but also fosters a proactive approach to cybersecurity. This includes implementing dynamic policies that adapt to evolving threats and technologies, thereby safeguarding sensitive data and minimizing vulnerabilities.<\/span><\/p>\n<p><span data-contrast=\"auto\">Alex Bernardino, field CISO and head of Enterprise Consulting Practice of ePLDT and PLDT Enterprise, noted that the growth of the cybersecurity industry has largely been driven by the increasing sophistication of cyber adversaries who view cybercrime as a lucrative business.<\/span><\/p>\n<p><span data-contrast=\"auto\">Acknowledging this, he emphasized the importance of existing legislative frameworks such as the Cybercrime Prevention Act of 2012 and the Data Privacy Act. However, he mentioned that the effective implementation and strict enforcement of these laws are crucial to combat cyber threats effectively.<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cThe implementation should be in higher on hand. We have to pursue. We have to implement [the law] in a strictest, and penalize the offenders and the violators. I think that\u2019s the missing portion now,\u201d he added.<\/span><\/p>\n<p><span data-contrast=\"auto\">At ePLDT, a proactive approach to cybersecurity involves rigorous adherence to privacy standards. Every project, both internal and external, undergoes a Privacy Impact Assessment (PIA) to ensure the security of customer data and internal information.<\/span><\/p>\n<p><span data-contrast=\"auto\">Beyond technological measures, Mr. Bernardino emphasized the importance of community awareness and education in cybersecurity.<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cThe sad reality here is that cybersecurity is affecting our daily lives. So, we need to really tackle this seriously in the national level, and also in the private sector. A close collaboration is really a need right now to be able for us to protect the Philippine cyberspace.\u201d<\/span><\/p>\n<p><span data-contrast=\"auto\">The discussion also highlighted the <\/span><span data-contrast=\"auto\">role of legislation in fostering a secure digital ecosystem, essential for attracting foreign investments and ensuring data protection.<\/span><span data-contrast=\"auto\"> Key enactments, such as the Cybersecurity Act of 2012 and the Data Privacy Act of 2012, address regulatory gaps and aim to instill confidence among investors.<\/span><\/p>\n<p><span data-contrast=\"auto\">Despite these advancements, challenges persist, particularly in rural areas where technological infrastructure remains limited. According to Atty. Nieva, disparities between urban and rural connectivity, with varying levels of mobile network technology (2G, 4G, and 5G), pose unique cybersecurity challenges.<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cWhen 5G was introduced to us years ago, there was an increase of cyberattacks because the latency was decreased. Because the data, the transference of data, was more readily available. And so, these cyber criminals are able to exploit it,\u201d he added.<\/span><\/p>\n<p><span data-contrast=\"auto\">According to DICT\u2019s Mr. Paraiso, the Philippines has a unique environment in addressing cybersecurity policy since the government actively seeks input from industry stakeholders.<\/span><\/p>\n<p><span data-contrast=\"auto\">Dialogues with private sector representatives help shape legislative initiatives. These interactions inform policymakers about the specific challenges faced by businesses, which are then conveyed to legislative bodies like Congress and the DICT.<\/span><\/p>\n<p><span data-contrast=\"auto\">Meanwhile, <\/span><span data-contrast=\"auto\">PLDT Group, as one of the largest telecommunications providers in the Philippines, operates under the recognition that any breach affecting their network could have far-reaching consequences for the entire nation. Acknowledging this responsibility, Mr. Bernardino said that the company has implemented rigorous cybersecurity practices to mitigate risks and ensure uninterrupted service delivery.<\/span><\/p>\n<p><span data-contrast=\"auto\">The PLDT official also emphasizes the importance of cyber awareness among its stakeholders, working closely with the DICT to educate the public and enhance cybersecurity literacy.<\/span><\/p>\n<p><span data-contrast=\"auto\">PLDT\u2019s cybersecurity strategy focuses on collaborating with key government bodies like the DICT and NPC. According to Mr. Bernardino, PLDT actively participates in the Public Sector Advisory Council, providing advice on cybersecurity and digital transformation initiatives essential for the country\u2019s development.<\/span><\/p>\n<p><span data-contrast=\"auto\">Moreover, in cases of cyber incidents involving their customers, PLDT cooperates closely with the NPC to swiftly address and resolve issues while upholding data privacy regulations.<\/span><\/p>\n<p><span data-contrast=\"auto\">Mr. Bernardino also stresses the necessity of due process in handling sensitive data. They adhere strictly to legal requirements, requiring court orders before disclosing customer information to law enforcement agencies.<\/span><\/p>\n<p><span data-contrast=\"auto\">According to Atty. Nieva of NPC, many users lack sufficient understanding of the risks associated with online activities.<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cCommon people don\u2019t know what they are doing when they get online. They cannot see data; they cannot understand data, and that\u2019s why they are neglectful in handling it online,\u201d he said.<\/span><\/p>\n<p><span data-contrast=\"auto\">This gap in awareness poses significant challenges as it exposes individuals and organizations to various cyber threats.<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cThe government has a responsibility to protect the people, even if the people don\u2019t know what they are doing. That\u2019s why we are heavy in the National Privacy Commission, focusing our efforts on data protection in the countryside.\u201d<\/span><\/p>\n<p><span data-contrast=\"auto\">Meanwhile, Mr. Paraiso mentioned that policies should not only be robust but also agile enough to respond to emerging threats, especially since the pace of technological advancement has outstripped the ability of regulatory frameworks to keep up.<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cIt\u2019s really hard, a law has been passed, there is a new challenge. We\u2019re still debating, but it\u2019s over because the challenge has already shifted,\u201d he explained. \u201cWhatever laws we craft and whatever policies we adopt should be adaptive, they should be flexible.\u201d<\/span><\/p>\n<p><span data-contrast=\"auto\">Similarly, Mr. Bernardino of PLDT emphasized the inevitability of data breaches nowadays and urgent need for proactive measures and resilient policies.<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cIn cybersecurity, it\u2019s no longer a matter if you\u2019re going to be breached or how you\u2019re going to be breached. It\u2019s only a matter of when. Now, I want to highlight that because organizations should be ready to respond when that happens,\u201d he explained.<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cWe should be talking about how we can respond as a government agency, as a private institution. We should have learnings here. The learnings we gather should be part of our best practices as an organization and as a government agency, combined with knowledge and experience.\u201d Mr. Bernardino said in Filipino.<\/span><\/p>\n<p><span data-contrast=\"auto\">Amidst challenges, Atty. Nieva mentioned that while technological advancements benefit society, policymakers must ensure that regulatory frameworks adequately protect personal data.<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cThese emerging technologies are good for the people, but we have to balance the free flow of information with the inherent right of the people to privacy,\u201d he stated.<\/span><\/p>\n<p><span data-contrast=\"auto\">In closing, Mr. Paraiso reassured the public of the government\u2019s commitment to cybersecurity.<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cI\u2019d like to assure the public right now to trust government. We have a working function at the DICT. That way, we are very, very confident.\u201d<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cIn a whole-of-nation approach, the public sector and the private sector would collaborate on how to solve [cybersecurity] problems and adapt together to solve these problems,\u201d he added.<\/span><\/p>\n<p><i><span data-contrast=\"auto\">This BusinessWorld Insights was in partnership with GCash and Globe Business; and is sponsored by Huawei, ePLDT, PLDT, and PLDT Enterprise; with the support of the Asian Consulting Group, American Chamber of Commerce of the Philippines, British Chamber of Commerce of the Philippines, Bank Marketing Association of the Philippines, Management Association of the Philippines, Philippine Chamber of Commerce and Industry, Philippine Franchise Association, Philippine Retailers Association, and official media partner <\/span><\/i><span data-contrast=\"auto\">The Philippine STAR.<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<div>Recent BusinessWorld Insights looks through best practices for safeguarding businesses in the digital space By Mhicole A. Moral, Special Features and Content Writer\u00a0 As organizations increasingly rely on digital infrastructure, the threat landscape continues to expand, demanding proactive and adaptive strategies to safeguard sensitive data and critical systems. According to a report published by IT [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":19632,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[3273,14644,3832,168,8526,6440,3967],"class_list":["post-19631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-businesses","tag-bworldonline","tag-cybersecurity","tag-for","tag-important","tag-investment","tag-success"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cybersecurity, an important investment for businesses\u2019 success - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/cybersecurity-an-important-investment-for-businesses-success\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cybersecurity, an important investment for businesses\u2019 success - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"Recent BusinessWorld Insights looks through best practices for safeguarding businesses in the digital space By Mhicole A. Moral, Special Features and Content Writer\u00a0 As organizations increasingly rely on digital infrastructure, the threat landscape continues to expand, demanding proactive and adaptive strategies to safeguard sensitive data and critical systems. 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