Recent data released by cybersecurity solutions provider Fortinet indicates a doubling of ransomware incidents across the Philippines. In 2023, 56% of organizations reported a two-fold increase compared to the previous year, according to a survey commissioned by Fortinet and conducted by market intelligence firm International Data Corp. (IDC).
The survey delved into the role of artificial intelligence (AI) and automation in the state of Security Operations (SecOps) in the Asia-Pacific region. Common cyber threats in the Philippines continue to be phishing, ransomware, unpatched vulnerabilities, identity theft, and insider threats.
The prevalence of remote work post-pandemic is believed to have contributed to the surge in attacks, with 82% of respondents attributing this to factors such as insufficient training, lack of employee care, and inadequate communication.
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AI and automation
Fortinet, in a media release, highlighted the challenges posed by hybrid work, AI, and the convergence of IT/OT systems. The adoption of cloud technology emerged as a primary challenge, impacting organizational vulnerability to cyber threats. Only half of businesses have dedicated IT resources for security teams, exacerbating the challenges faced in strengthening security measures.
Automation in SecOps has seen widespread adoption, with 94% of organizations embracing automation and orchestration tools to fortify their cybersecurity strategies. Despite this, the survey indicates that organizations have yet to fully unlock the potential of these technologies. Opportunities for improvement were identified in areas such as streaming response triage, incident containment, remediation, recovery, and threat containment.
Fortinet also saw that 92% of respondents reported significant productivity gains, with at least a 25% improvement in incident detection times attributed to automation. Looking ahead, all organizations in the Philippines expressed their intent to implement automation and orchestration tools within the next 12 months. The focus will be on leveraging these tools to streamline response triage, accelerate incident containment, and minimize recovery time, strategically enhancing their overall cybersecurity framework.