#SMB Cybersecurity

Cisco released a statistical study on the rising cases of cyber incidents targeting small and medium businesses (SMBs) in the Philippines in the last 12 months. To date, approximately 57% of SMBs suffered from cyber hacking of various private data and records. On the other hand, 82% expressed rising concerns for the lack of cybersecurity as compared to 12 months ago. However, in a separate segment of Cisco’s study, it was noted that SMBs are now taking further precautions to stop unwarranted cyber attacks. 77% of Philippines’ SMBs have completed scenario planning and/or simulations for potential cybersecurity incidents in the past 12 months. However, Cisco noted that SMBs are not giving up. To combat the weakness in cybersecurity, 82% of the Philippines’ SMBs have increased their investment in cybersecurity solutions since the start of the pandemic, with 37% increasing investment by more than 5%. SMBs are also increasing their investments in areas like compliance or monitoring tools, talent, training, and insurance, suggesting a strong understanding of the need for a multi-faceted and integrated approach to building a strong cyber posture. Read more in our articles including "57% of SMBs in PH suffered cyber incidents, says Cisco" and "TikTok launches ‘Follow Me’ program to help small businesses".