A recent report from BlueVoyant, a global cyber security company, shows that more than 84% of businesses in the Philippines were harmed by cyber security breaches in their supply chains over the past year. This rate is higher than the global average of 81%, highlighting major issues in managing third-party risks.
The BlueVoyant report found that businesses in the Philippines faced an average of 3.13 breaches in the past year, with 32% saying they had no way to detect these incidents.
According to William Oh, interim head of Asia-Pacific at BlueVoyant, while cyber attacks like phishing and data leaks are rising, awareness in the Philippines remains lower than in other regions.
“These findings highlight that Philippine businesses continue to tackle the critical challenge of managing supply chain cyber risks,” Oh said.
Third-party cyber security
The report also revealed that 65% of organizations do not see third-party cyber security as a top priority. Over half (55%) lack automated tools to monitor risks, compared to 39% globally.
The report saw that many businesses only check their supply chains once a year, with 33% of companies in the Philippines doing this — higher than the global average of 17%. However, just 13% conduct monthly checks, which is far behind Singapore’s 27%.
On the positive side, 90% of Philippine businesses are planning to increase their budgets for third-party cyber security programs, slightly above the global figure of 86%.
Budget
“While more money is being allocated, organizations still need to focus on monitoring their third parties and addressing key risks,” Oh added.
“More businesses are now working on day-to-day challenges of managing cyber risks, rather than just awareness,” said Joel Molinoff, BlueVoyant’s global head of Supply Chain Defence. “This is progress but also brings new challenges.”
The study, carried out by research firm Opinion Matters, surveyed 2,100 senior leaders across 11 countries, including 290 from the Philippines. The findings show that Philippine businesses need to strengthen their systems and strategies to manage supply chain cyber risks more effectively.