Only 1% of Philippine Organizations Ready for Cybersecurity Risks

Only 1% of Philippine organizations have the readiness level needed to be resilient against modern cybersecurity risks, according to the 2024 Cybersecurity Readiness Index released by global technology firm Cisco.The latest figure reflects a decline from 27% of “mature” organizations in the past year and is lower than the global average of 3%, with the majority or 64% of organizations falling into the “beginner” or “formative” stages of readiness.

The same report found that 67% of respondents said they expect a cybersecurity incident in the next one to two years, with 59% saying they experienced such incidents in the last 12 months, and 36% saying it cost them at least $300,000.Bulk or 76% of the respondents admitted that having multiple point solutions slowed down their team’s ability to detect, respond, and recover from incidents, with 66% of organizations saying they deployed at least 10 point solutions in their security stacks.

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