Cyberattacks on firms listed in the Philippine Stock Exchange (PSE) would eventually cost us billions of pesos in terms of lost revenues per day — this is according to the observations of an Information and Communications Technology (ICT) advocacy group called Secure Connections, which further stated that if all the top listed companies were attacked all at once, then the country’s economy would suffer.
Interior shot of the PSE, with logo (IMAGE CREDIT: www.pse.com.ph)
In a press statement, the cybersecurity organization said that the Philippines stands to lose up to P6.15 billion per day if all the listed companies that operate critical information infrastructure (CII) get hacked simultaneously.
Based on the organization’s estimates, the largest losses per day would probably be in the energy sector, with potential revenue losses amounting to P2.81 billion followed by banks (P1.50 billion), telcos (P1.06 billion), transportation (P631 million), water (P115 million), and healthcare (P40 million).
According to Mary Grace Mirandilla-Santos, Secure Connections ICT policy expert and lead advocate of Better Internet PH, the estimation was made based on an analysis of all the financial statements of every company listed on the PSE. She claimed that the amount does not yet account for the secondary and other immeasurable costs that could result after a cybersecurity assault.
“The economic losses outweigh the direct revenue losses to the businesses by a wide margin,” Mirandilla-Santos said. “So, how do you win back the public’s faith following the cyberattack and your response and how do you get the system back?”
Digital assets like communications, electronic, magnetic, and optical infrastructure that are essential to the nation are covered by CII. As a result, any attack on a CII could endanger national security and interfere with industry and trade.
Mirandilla-Santos then explained that businesses must spend money on network upgrades to retrieve corporate data and safeguard them against further intrusions, especially after a cybersecurity assault.
She likewise advised businesses, especially those managing CII, to spend money on preventative steps to fortify their online defenses.
Mirandilla-Santos further cautioned that as a result of a successful cyberattack on a company, the entire economy could also suffer.
One example she provided is the consequence of cyberattacks weakening the energy sector, which could affect the performance of many allied sectors, including the transportation and healthcare sectors — both of which are essential to daily life.
“The possibility of a coordinated attack on all listed companies with significant information infrastructure exists and may even be happening right now,” said Mirandilla-Santos. She further claimed that given that criminal organizations target internet portals to steal private information like financial details, nothing is currently impossible.
According to her, the public, businesses, and civil stakeholders should all work together in advocating cybersecurity advancements in the Philippines. Policymakers should also create a law requiring agencies to enhance information security.