Constraints in corporate cyber security flagged

SOME of the problems of Philippine enterprises in adopting security solutions for their information technology (IT) systems are the complexity of these IT structures, the lack of technical expertise to operate them, and budgetary constraints to invest in security.
The Philippines has been identified as one of the most vulnerable in terms of cyber threat and attacks. Government agencies and institutions as well as private organizations and companies have experienced hacking incidents on their databases and online web portals.
Nico Alcoseba, head of PLDT Inc.’s Disruptive Business Group, said that organizations, firms and small enterprises in the Philippines are now more interested in security solutions of their IT systems to prevent cyber attacks but are hindered with some constraints.
“First, the complexity of executing IT, particularly cyber security solutions on both the hardware and software levels for an entire network, is a big headache on its own. Paired with lack of technical expertise and budgetary constraints, some companies become hesitant in carrying out their plans,” Alcoseba said.
Nerisse Ramos, ePLDT chief operating officer, said: “IT security in general, and lately with special focus on cyber security, has become a very big concern among organizations because of the recent data breaches and hacking incidents. Many seek to implement some form of IT security solution or strengthen their existing IT security framework but at some point, are held back by a number of challenges.”
ePLDT is the digital enterprise arm of PLDT Inc. which offers digital business solutions including Big Data analytics service and infrastructure.
The PLDT officials cited the Global State of Information Security Survey 2016 by PricewaterhouseCoopers (PwC), which found that 91 percent of organizations in the world have already adopted a risk-based cyber security framework. About 58 percent of businesses worldwide, on the other hand, said that they make every effort to ensure they are kept abreast on IT security information.
Alcoseba said, “The threat of cyber attacks risks enterprises from actualizing their potential growth. We do think that everyone is very much aware of the need to secure their enterprises; the education comes in finding and implementing the best practices tailored for the organization’s needs,” noting that these businesses can adopt security options with monthly subscriptions that provide the right infrastructure and expertise, compared to setting up your own from scratch which requires high capital spending.
While the PwC survey found that companies are embracing more collaborative and strategic initiatives to address security and do away with the threats and risks—69 percent of firms in the world are adopting cloud-based security services and 59 percent leverage on big data for cyber security—ePLDT said this is not yet the case in the Philippines.
This is because in order to adopt these internet-based solutions, slow internet speed should first be addressed in the country.
“ePLDT is very serious about protecting your data. Although there is no silver bullet solution that will prevent every determined hacker from targeting your data, we are continuously upgrading both the security technologies and skills. Beefing up our personnel with training, certifications, and expertise ensure that, as more and more customers come in, we have not only the right people, but the right number of people to do the job,” Alcoseba said.
“Protecting the valuable and confidential information stored within databases is vital for maintaining the integrity and reputation of organizations everywhere—not to mention ensuring regulatory compliance. The biggest and most significant impact of a data breach aside from the financial losses incurred is the loss of trust and confidence from a customer. Much like any insurance plan, you shell out money for something with benefits you don’t immediately feel until an attack happens. Only then will you be thankful that you deployed the right security measures to secure your business,” Ramos said.

Source:http://www.manilatimes.net/constraints-in-corporate-cyber-security-flagged/272591/

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