A recent report from Fortinet, a cybersecurity solutions provider, shows the challenges organizations in the Philippines face due to a shortage of cybersecurity skills.
According to Fortinet’s 2024 Global Cybersecurity Skills Gap Report, a staggering 94% of organizations in the country experienced security breaches over the past year, partially attributable to this skills gap. The report also revealed that 77% of respondents linked the increased risk of cyber threats to this shortage.
The data in the report is drawn from Fortinet’s research arm, FortiGuard Labs.
“Organizations are increasingly recognizing that the lack of skilled cybersecurity professionals is a significant contributor to these breaches,” said Alan Reyes, the country manager at Fortinet Philippines.
Reyes also highlighted that malware, phishing, and web attacks remain the top cyber threats reported by organizations.
Financial impact
The financial impact of these breaches is also escalating. Over half (52%) of the organizations surveyed reported that breaches cost them more than $1 million in lost revenue, fines, and other expenses last year. This figure shows an increase from 45% in the previous year’s report. Also, 55% of respondents indicated that it took them more than a month to recover from a cyberattack.
The report also raises concerns about the preparedness of organizations in the Philippines to address the growing threat landscape. On average, IT security teams are understaffed, with only two full-time security professionals for every 1,000 employees. In terms of financial commitment, organizations are spending just 0.2% of their revenue on cybersecurity — equivalent to P2 for every P1,000 in revenue.
“IT decision-makers identified network engineering and security as the hardest roles to fill, with 80% indicating difficulty in finding candidates with the necessary experience,” Reyes said.
Diversifying candidate pools
Roles in Security Operations (60%) and Cloud Security (42%) were highlighted as the most challenging to staff.
Fortinet also revealed that 87% of organizations prefer to hire individuals with technology-focused certifications, believing these credentials are crucial for keeping up with the rapidly evolving cybersecurity landscape. And 79% of respondents indicated plans to introduce security awareness and training programs for all employees, following recent cyberattacks.
“Our latest report shows that organizations in the Philippines are making progress in bridging the cybersecurity skills gap by diversifying their candidate pools and investing in training and certifications,” Reyes said.
He urged organizations to continue these efforts by educating employees about threats and best practices in cyberspace and implementing the right technologies to enhance resilience.
With respondents expecting a 22% increase in cyberattacks in 2024, the need for skilled cybersecurity professionals in the Philippines has never been more critical.
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