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Cybersecurity seen becoming huge industry in PH | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #ransomware

Cybersecurity will become a huge industry and matter of concern in the Philippines as the country fully embraces digitalization, according to experts.

During a British Chamber of Commerce webinar titled “Advancing your Company’s Cybersecurity Culture” on Tuesday, CyberQ Chief Executive Officer (APAC) Roberto Tayag said the acceleration of digitalization caused by the pandemic and companies increasing dependence on it has created the necessity for cybersecurity.

“Because of the pandemic, many businesses have shifted to online platforms and digitalized,” Tayag said. “Now, most businesses use mobile apps or platforms, focus and support for online transactions and payments, and do online marketing and cashless transactions, which in turn increases the need for cybersecurity.”

Tayag added the increased pace of digitalization also ups the risk for cyberattacks. And as attacks keep getting more sophisticated, Tayag stressed that digitalization must go hand-in-hand with cybersecurity and that means finding the right tools and personnel.

“In addition, technology and the right people at helm for cybersecurity is also getting more profitable and expensive as new technology and its adoption is becoming more mainstream due to the evolving nature of cyberattacks as well,” Tayag explained. “There are several products and services that are available now such as endpoint detection and response, anti-ransomware products, network detection and response programs, and so much more.”

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For his part, Michael Page Philippines Recruitment Consultant George Dumatol said the appropriate people needed for cybersecurity are also hard to find as not many candidates can still do the intricate work.

“As of the moment, there are about 3.5 million open cybersecurity jobs globally, and its global market is expected to grow to $372.04 billion by 2028,” Dumatol pointed out. “However, it is a candidate-driven market, and there is more demand than supply of talent.”

He explained that the things that both cybersecurity companies and professionals look for do not usually align such as salary, well being, and not being qualified skills wise creates the gap in demand.

“Companies must think outside the talent box and value upskilling and transferable skills while focusing on culture building,” Dumatol stated. “They must also hire for potential and not outright talent as it increases the chance of hiring a high-capacity and adaptable learner.”

With the increasing demand for digitalization, the Bangko Sentral ng Pilipinas (BSP) is also doing its part by implementing several initiatives for cybersecurity.

“The BSP has been hard at work in executing its several industry-wide cybersecurity initiatives, such as the Bapcid (Bankers Association of the Philippines Cyber Incident Database) and our cyberwareness and digital literacy campaigns,” BSP Deputy Director Maricris Salud said. “This is part of the central bank’s assurance as it provides a key role in fostering cybersecurity in the financial system.”


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National Cyber Security