Global cybersecurity leader Fortinet has found the bulk or 94 percent of cybersecurity breaches in the Philippines as attributable to a lack of cyber skills among Filipinos.
A similarly high number, or 77 percent of Filipinos, blame the heightening cyber risks to a workforce skills gap.
This develops against a background of a cybersecurity skills shortage not just in the Philippines but around the world.
“As the skills shortage persists, this leading cybersecurity challenge requires a collaborative, multi-faceted approach as evidenced by the results of Fortinet’s latest Global Cybersecurity Skills Gap Report. This year’s report emphasizes that for organizations to ensure they are protected from today’s complex threats they must have a combination of the right security technology, opportunities for current security professionals to upskill through training and certifications, and an overall cyber-aware workforce,” said John Maddison, chief marketing officer at Fortinet
“More organizations are increasingly linking security breaches to the cybersecurity skills gap, with 94 percent of organizations in the Philippines recognizing this issue, up from 92 percent in the last report. This emphasizes the urgent need for organizations in the Philippines to continue addressing the cybersecurity skills shortage to strengthen their security posture. Our latest report shows that organizations are actively making efforts to bridge this gap, such as diversifying their candidate pools, which the Philippines is showing significant improvement. As organizations in the country continue this effort, they should also invest in training and certifications for their IT and security teams, educate employees about threats and best practices in cyberspace, and implement the right technologies to enhance resilience,” said Alan Reyes, country manager at Fortinet Philippines.
The outcome of Fortinet’s 2024 Global Cybersecurity Skills Gap Report highlights the challenges faced by enterprises around the world. In the Philippine setting, the report found that organizations increasingly attribute the breaches to the cyber skills gap and that the breaches continue to have significant repercussions for businesses, and executive leaders who are often penalized when they happen.
The report also said certifications continue to be highly regarded by employers as a validator of current cybersecurity skills and knowledge and that numerous opportunities remain for hiring from diverse talent pools to help address the skills shortage.
According to Fortinet. some 4 million professionals are needed to fill the growing cybersecurity workforce gap.
The Fortinet report also found that 77 percent of organizations in the Philippines show that the cybersecurity skills shortage creates additional risks for their organizations.
Other findings that highlight the impact of the growing skills gap on companies across the Philippines include:
- Organizations are attributing more breaches to a lack of cyber skills: In the past year, 94 percent of organizational leaders in the Philippines said they experienced a breach that they can partially attribute to a lack of cyber skills, up from 92 percent in 2023.
- Breaches are having a more substantial impact on businesses: Breaches have a variety of repercussions, ranging from financial to reputational challenges. This year’s survey revealed that corporate leaders are increasingly being held accountable for cyber incidents, with 62 percent of respondents noting that directors or executives have faced fines, jail time, loss of position, or loss of employment following a cyberattack. Additionally, 52 percent of respondents indicated that breaches cost their organizations more than USD1 million in lost revenue, fines, and other expenses last year—up from 45 percent in the 2023 report and down from 60 percent in the 2022 report.
- Boards of directors view cybersecurity as a business imperative: As a result, executives and boards of directors are increasingly prioritizing cybersecurity, with 80 percent of respondents saying their boards were more focused on security in 2023 than the year before. And 94 percent of respondents say their board sees cybersecurity as a business priority.
The report found that business leaders widely regard certifications as validation of cybersecurity knowledge, and those who hold a certification or work with someone who does notice clear benefits.
