The Philippines is experiencing a digital revolution, with its economy projected to grow by 20% in 2024, reaching a gross merchandise value (GMV) of US$31 billion. This growth, driven by the surge in e-commerce and continued advancements in digital infrastructure, positions the Philippines as the fastest-growing digital economy in Southeast Asia, according to the latest e-Conomy SEA report by Google, Temasek Holdings, and Bain & Co.
However, this rapid expansion comes with heightened cybersecurity risks. Kaspersky, a global cybersecurity leader, revealed alarming statistics highlighting the prevalence of cyber threats in the country. From July to September 2024, the Kaspersky Security Network (KSN) detected 3.39 million web-based threats affecting 28.3% of users, placing the Philippines 8th globally in web threat exposure. In addition, 4.42 million local incidents were recorded, impacting 25.4% of users and ranking the country 63rd worldwide for local threats.
Yeo Siang Tiong, General Manager for Southeast Asia and Asia Emerging Countries at Kaspersky, emphasized the need for robust cybersecurity measures. “Growth and expansion of digital economy creates plenty of business opportunities. With these opportunities also come threats as criminals are always on a money hunt. Cyber threats are very quickly evolving and outpacing the traditional approach to security. Not only cyber defence must evolve, it must also be robust and increase in tandem with the growing economy to keep money and assets protected,” said Yeo.
To safeguard their finances and personal data, Filipinos are advised to implement these practical cybersecurity measures:
- Use Strong Passwords and a Password Manager – Avoid simple passwords; opt for complex ones stored securely with tools like Kaspersky Password Manager.
- Enable Multi-Factor Authentication (MFA) – Add an extra layer of security to accounts, especially for banking and eCommerce.
- Beware of Phishing Scams – Verify email senders and avoid clicking on suspicious links.
- Keep Software Updated – Regular updates patch vulnerabilities and protect against exploits.
- Avoid Public Wi-Fi for Financial Transactions – Use private networks or a VPN for secure online activity.
- Monitor Bank Statements – Regularly check for unauthorized transactions.
- Educate Yourself on Cybersecurity – Stay informed about emerging threats.
- Secure Mobile Devices – Use trusted apps and mobile security software.
- Invest in Reliable Security Solutions – Advanced tools like Kaspersky Next provide robust, real-time protection.
Kaspersky’s new product line, Kaspersky Next, offers tailored solutions to combat evolving cyber threats, ensuring safe and secure online transactions for businesses and individuals alike. With the Philippines’ digital economy set to soar, proactive cybersecurity measures are more critical than ever to protect the financial well-being of Filipinos.