A widening gap in cybersecurity expertise is leaving Philippine businesses increasingly vulnerable to cyberattacks, according to the latest Fortinet Global Cybersecurity Skills Gap Report. The report highlights a direct correlation between the scarcity of skilled cybersecurity professionals and the escalating frequency and severity of breaches.
The report reveals that the Philippines is not immune to the global cybersecurity talent crunch. With an estimated four million professionals needed to fill the growing workforce gap, organizations are grappling with heightened risks. A staggering 77% of Philippine companies surveyed admitted that the skills shortage exacerbates their security challenges.
“More organizations are increasingly linking security breaches to the cybersecurity skills gap, with 94% of organizations in the Philippines recognizing this issue, up from 92% in the last report. This emphasizes the urgent need for organizations in the Philippines to continue addressing the cybersecurity skills shortage to strengthen their security posture. Our latest report shows that organizations are actively making efforts to bridge this gap, such as diversifying their candidate pools, which the Philippines is showing significant improvement. As organizations in the country continue this effort, they should also invest in training and certifications for their IT and security teams, educate employees about threats and best practices in cyberspace, and implement the right technologies to enhance resilience,” according to Alan Reyes, Country Manager of Fortinet Philippines.
The consequences of these deficiencies are severe. Cyberattacks are becoming increasingly costly, with over half of respondents reporting losses exceeding US$1 million. The pressure on executives is mounting, as 62% of respondents revealed that directors or executives faced penalties, including fines or job loss, due to breaches. These factors have elevated cybersecurity to a top-tier business priority, with 94% of respondents confirming their board’s recognition of its critical importance.
To address the skills shortage, many organizations are turning to certifications as a measure of competence. Over 90% of respondents expressed a preference for hiring certified candidates, reflecting the industry’s growing trust in certifications as a validator of skills. However, finding qualified candidates with certifications remains a significant challenge.
In response to the talent crunch, companies are expanding their hiring criteria to include individuals from diverse backgrounds. While this approach shows promise, the report indicates that traditional qualifications, such as four-year degrees, still dominate hiring preferences.
Fortinet emphasizes a three-pronged strategy to enhance cyber resilience: investing in employee training and certifications, fostering a cyber-aware workforce, and deploying robust security solutions. The company offers a comprehensive portfolio of cybersecurity products and services, as well as extensive training programs to support organizations in building a strong security posture.
“The cybersecurity landscape is evolving rapidly, and the Philippines must keep pace. By prioritizing training, education, and technology adoption, organizations can significantly improve their resilience against cyber threats. Fortinet is committed to partnering with Philippine businesses to address these challenges and safeguard their digital assets,” Reyes added.
The Fortinet Skills Gap Survey polled 25 IT and cybersecurity decision-makers in the Philippines across various industries. The findings serve as a wake-up call for the nation to invest in cybersecurity talent development and strengthen its overall defense against cyberattacks.