THE Philippines has to develop more cybersecurity experts as businesses blame most cyberattacks on a lack of skilled professionals.
According to Fortinet’s 2024 Global Cybersecurity Skills Gap Report, a staggering 94 percent of organizations in the Philippines faced a breach last year, partly attributing it to a lack of cyber skills. The report also revealed that 77 percent of respondents linked the increased risk of cyber threats to the skills shortage.
“More organizations are increasingly linking security breaches to the cybersecurity skills gap, with 94 percent of organizations in the Philippines recognizing this issue, up from 92 percent 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,” said Alan Reyes, country manager at Fortinet Philippines.
Fortinet’s survey was conducted among 25 information technology and/or cybersecurity decision-makers in the Philippines. Respondents came from a range of industries, including technology, manufacturing and financial services.
Globally there are an estimated four million professionals needed to fill the growing cybersecurity workforce gap.
Financial impact
The report also revealed that breaches are having a more substantial impact on businesses. Corporate leaders are being held accountable for cyber incidents, with 62 percent of respondents noting that directors or executives have faced fines, jail time, loss of position or loss of employment following a cyberattack.
Additionally, 52 percent of respondents indicated that breaches cost their organizations more than US$1 million in lost revenue, fines and other expenses last year—up from 45 percent in the 2023 report and down from 60 percent in the 2022 report.
However, Reyes said, organizations are now actively making efforts to bridge the gap, such as diversifying their candidate pools, which the Philippines is showing significant improvement.
He said organizations should 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.
Cyber threat intelligence and cloud security are among the most in-demand cybersecurity skills within organizations, but they are also the hardest to find, along with security operations expertise. More than 90 percent of respondents said they prefer to hire candidates who hold certifications and 98 percent are willing to pay for an employee to obtain a cybersecurity certification.
But as the cyber workforce shortage persists, some organizations are diversifying their recruitment pools to include candidates whose credentials fall outside traditional backgrounds—such as a four-year degree in cybersecurity or a related field—to attract new talent and fillopen roles.
Organizations have also strengthened cyber defenses by investing in training and certifications, cultivating a cyber-aware frontline staff and using effective security solutions to ensure a strong security posture. / KOC