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Ransomware attacks continue to be a serious concern for organizations, according to Accenture, which urges companies to strengthen their cybersecurity efforts and disaster recovery strategies.
Accenture, a global professional services firm, said that malware, ransomware, and other digital threats remain persistent. Citing data from International Data Corp. (IDC), Accenture noted that 59.6% of businesses in the Asia-Pacific region experienced ransomware attacks in 2023.
“An increase in sophisticated ransomware attacks can lead to severe operational disruptions, particularly affecting supply chains, along with data breaches and financial losses,” said Mafi Caringal, security lead at Accenture Technology Centers in the Philippines.
Caringal also pointed out that the threat landscape continues to expand, including within the Philippines.
As part of its recent “Pulse of Change Quarterly Outlook,” Accenture surveyed 2,800 C-suite executives across 18 countries and 22 industries between July and September 2024. The study found that business leaders in the Asia-Pacific (APAC) region felt less prepared to handle cyber threats compared to their global counterparts. Only 48% of executives in APAC said they felt completely prepared, while 57% in Europe and 54% in North America said the same.
One of the growing concerns in the cybersecurity space is the rise of deepfakes. These are fake but convincing audio or visual content created through artificial intelligence (AI). Accenture said deepfakes are being used to commit fraud, manipulate public opinion, and impersonate individuals.
The company warned that deepfakes can lead to identity theft, blackmail, and misinformation campaigns, posing risks to personal privacy, corporate reputation, and even national security. As the technology behind deepfakes improves, the need for better detection and mitigation tools becomes more urgent.
Accenture also pointed to the cybersecurity risks linked to third-party vendors. Many businesses depend on outside partners for supply chains and software development, which opens up more points of vulnerability. If third parties lack strong security protocols, they can become gateways for attacks that affect the entire organization.
Another growing issue is dependency confusion attacks. In these cases, hackers upload fake versions of widely used software packages to public repositories. If companies unknowingly install these fake packages, their systems could be compromised.
Widespread system outages were also identified as a major concern. These outages can halt operations, disrupt services, and damage customer trust. Accenture noted that outages not only cause revenue loss but also expose weak points in a company’s cybersecurity setup, making future breaches more likely.
Quantum computing
Looking ahead, quantum computing introduces additional challenges. Accenture said future quantum threats could make current encryption methods obsolete. With enough computing power, quantum machines could break today’s cryptographic codes, leaving sensitive data exposed. This highlights the growing importance of quantum-resistant encryption.
“The increasing complexity of cyber threats reinforces the need for proactive, multi-layered security strategies,” Caringal said.
Accenture said the findings from its quarterly report are a reminder for both public and private organizations to remain alert and continuously improve cybersecurity policies. Prioritizing data security, investing in up-to-date tools, and preparing for future risks will help organizations stay resilient in a shifting digital landscape.
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