PWC SURVEY:

17% of PH companies fall victim to cybercrime

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SEVENTEEN percent of companies surveyed in the Philippine experienced some form of cybercrime in the past 24 months.

“Some companies are starting to think of outsourcing their … cyber security to managed services or by putting more of their applications and data in the cloud,” PwC Philippines’ Consulting Managing Principal Benjamin Azada said on Thursday.

The PwC 2016 Global Economic Crime Survey covered 6,335 respondents from 115 countries, with 1,287 or roughly 20 percent from the Asia Pacific region.

Eighty-eight companies in the Philippines took part in the survey, primarily from the manufacturing, financial services, business process outsourcing, automotive and services industries.


“I feel that this survey is also very timely, given the new administration’s focus on battling crime and corruption,” Azada said.

Engaging leadership in dealing with cyber incidents is critical, but board members in only 36 percent of the companies asked for more information on their organizations’ state of cyber readiness, according to PwC.
Philippine companies are in a dilemma in terms of spending on cyber protection, Alexander Cabrera, PwC chairman and senior partner, said.

“The people in charge of securing are . . . individuals . . . officers in the company. So, who can over ride? People in positions, like managers . . . can override internal controls. If that happens, governance breaks down then the crime can be perpetrated,” Cabrera said.

“We’re optimistic that Philippine companies will do better in the future. The survey shows that as market conditions evolve, so does the threats landscape that accompanies them,” he added.
The survey results showed the Philippines is no exemption from the trend.

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