#Cyber attacks

However, this growing dependency comes with the looming threat of cybercrime. In this article, we’re taking a look at the state of cybercrime in the Philippines with measures taken against it. Cost of Cybercrime Cybercrime activity is a significant factor in risking financial losses in the Philippines. The country loses billions of pesos annually from cyber attacks. These attacks not only cause direct financial losses, but also incur costs in investigation, recovery, and regulatory compliance. Everyone from individuals to businesses bears losses from cybercrime activity. The true cost of cybercrime is challenging to estimate with accuracy because of underreporting. However, developing cybersecurity measures and promoting collaboration between the public and private sectors are essential steps in minimizing Philippine cybercrime. Read more in our articles including "State of Cybercrime in the Philippines" and "57% of SMBs in PH suffered cyber incidents, says Cisco".