Phl ransomware attacks doubling — Fortinet

A total of 550 information technology leaders in the Asia Pacific are supporting measures to prevent their companies from being victimized by cyber threats such as phishing and ransomware attacks, cybersecurity firm Fortinet has said.

Those surveyed between October and November last year either make or influence security decisions for their respective organizations.

Companies with a global headcount of 250 to 5,000-plus employees were included in the study that focused on Australia, Hong Kong, India, Indonesia, Malaysia, New Zealand, Singapore, South Korea, Thailand, the Philippines and Vietnam.

The respondents are unanimous in saying that phishing and ransomware are the most predominant cyber threats in the Philippines, with over 50 percent of organizations ranking them as their top concerns.

The top five threats include phishing, ransomware, unpatched vulnerabilities, identity theft, and insider threats.

The study also stated that ransomware incidents have doubled across the Philippines, with 56 percent of organizations reporting at least a two-times increase in 2023, compared to 2022.

Phishing and malware are the primary attack vectors, while other significant vectors include social engineering attacks, insider threats, and Internet of Things vulnerabilities.

About 82 percent of the respondents, according to the study, feel that remote work has led to an increase in insider threat incidents.

“Securing modern IT infrastructures requires a continuous commitment to vigilance, proactivity, and adaptability amid challenges posed by hybrid work, AI, and cloud technologies. This dynamic shift from static controls to a risk-centric cybersecurity posture aligns seamlessly with the evolving technological landscape,”said Simon Piff, Research vice president, IDC Asia-Pacific.

“The integration of AI-assisted tools, reassessment of staffing, potential outsourcing, and increased automation emerge as imperative facets highlighted by the survey, emphasizing the urgency for organizations to embrace automation strategically,” he added.

For his part, Rashish Pandey, vice president, Marketing and Communications, Asia and ANZ, Fortinet, said that in the ever-evolving threat landscape, organizations grapple with a spectrum of cyber threats targeting their digital assets.

“Fortinet’s Security Operations Solutions, underpinned by advanced AI, not only address the pressing need for automation but also provide a comprehensive strategy for incident detection and response. Our commitment to empowering organizations to navigate the dynamic cybersecurity terrain is showcased through innovative solutions. These include an impressive one-hour (less in most cases) average time to detect and contain threats, an 11-minute investigation and remediation average, a staggering 597 percent ROI, a doubling of team productivity, and a substantial $1.39 million reduction in expected breach costs,” he noted.

Alan Reyes, country manager of Fortinet Philippines, said that in the ever-evolving cybersecurity landscape, 70.7 percent of organizations prioritise faster threat detection through automation.

“Our customers’ experiences underscore this urgency, with a transformative reduction from an average of 21 days to just one hour for detection, driven by AI and advanced analytics,” Reyes explained.

“This signifies a fundamental step in fortifying cybersecurity defences, where time to detect and respond is paramount. Automation, in this context, emerges as the linchpin in navigating the challenges of today’s dynamic threat landscape,” he added.

Alarmingly, the study showed that three out of four organizations do not conduct regular risk assessments, exacerbating the challenge of timely threat detection.

Further, the study showed that more than 50 percent of surveyed enterprises experience an average of 221 incidents per day, and two out of five enterprises grapple with over 500 incidents daily, leading to alert fatigue.

The top two alerts faced are suspicious emails and malware or virus detections, highlighting the imperative for targeted training on phishing awareness.

Additionally, account lockouts, suspicious user behavior, and multiple failed login attempts contribute to alert fatigue.