Yes! To Strengthen Philippine Cyber Security

Yes! To Strengthen Philippine Cyber Security

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Em Tech 21 BT Minglanilla started this petition to Government and

This petition is about bolstering cyber security in the Philippines in order to stop or prevent cyber attacks that threaten people's lives and reputations.

What is the difference between cybersecurity and cybercrime?

Cybersecurity is the condition or process of preventing and recovering from cyber-attacks on computer systems, networks, devices, and applications (Tunggal, 2021). This means that Cyber Security is responsible for preventing cyber attackers from destroying or stealing data for nefarious objectives. Cybercrime, on the other hand, is a harmful conduct that aims to destroy data, steal information, and disrupt operations.

What is the Importance of Cybersecurity?

Cybersecurity is crucial since it protects all types of data from theft and harm, according to Abi Tyas Tunggal (2021). Sensitive data, personally identifiable information (PII), protected health information (PHI), personal information, intellectual property, data, and governmental and industry information systems all fall under this category.
Your company will be unable to protect itself against data breach operations without a cybersecurity program, making it an easy target for thieves.
The importance of cybersecurity is increasing. Fundamentally, our society is more technologically reliant than it has ever been, and this tendency shows no signs of slowing. Data breaches that potentially lead to identity theft are increasingly being shared openly on social media sites. Social security numbers, credit card numbers, and bank account information are now saved in cloud storage services such as Dropbox or Google Drive.

Whether you're a person, a small business, or a major corporation, you rely on computer systems on a daily basis. When you combine this with the advent of cloud services, insecure cloud services, cellphones, and the Internet of Things (IoT), you have a slew of cybersecurity dangers that didn't exist only a few decades ago. Even if the skillsets are getting more comparable, we must recognize the distinction between cybersecurity and information security.
Cybercrime is receiving increased attention from governments throughout the world. The General Data Protection Regulation (GDPR) is a good example. It has raised the reputational harm caused by data breaches by requiring all EU-based businesses to:

• Inform people about data breaches.
• Assign a data protection officer to your organization.
• Require user consent before processing data.
• To protect your privacy, anonymize your data.
The tendency toward openness isn't only confined to Europe. While there are no federal regulations governing data breach disclosure in the United States, each of the 50 states has its own set of rules. There are a few things that everyone has in common:
• The need to tell persons who are affected as soon as feasible
• Inform the authorities as soon as possible.
• Pay a monetary penalty
In 2003, California became the first state to regulate data breach disclosures, requiring anyone impacted to be notified "within a reasonable time" and "immediately upon discovery."

Why is there a rise in cybercrime?

Information theft is the most expensive and fastest-growing part of cybercrime, according to Abi Tyas Tunggal (2021). The increased availability of identification information to the web via cloud services is driving this trend.
But it isn't the only one. Power grids and other infrastructure can be damaged or destroyed if industrial controls are disturbed or destroyed. Cyberattacks may also try to damage data integrity (delete or modify data) in order to instill distrust in an organization or government.
Cybercriminals are growing more sophisticated, shifting their targets, impacting enterprises, and attack tactics for various security systems.

Social engineering is still the most common type of cyberattack, followed by ransomware, phishing, and malware. Another prominent attack vector is third-party and fourth-party suppliers who process your data and have weak cybersecurity procedures, making vendor risk management and third-party risk management even more crucial.
According to Accenture and the Ponemon Institute's Ninth Annual Cost of Cybercrime Study, the average cost of cybercrime for a company has climbed by $1.4 million to $13.0 million in the previous year, while the average number of data breaches has increased by 11% to 145. The importance of information risk management has never been greater.

Financial data, such as credit card numbers or bank account numbers, protected health information (PHI), personally identifiable information (PII), trade secrets, intellectual property, and other objectives of industrial espionage are all possible targets of data breaches. Unintentional information disclosure, data leak, cloud leak, information leakage, or a data spill are other synonyms for data breaches.
Other variables that are contributing to the rise in cybercrime include:
• The Internet's scattered nature
• Cybercriminals' capacity to target targets outside of their jurisdiction makes policing incredibly challenging.
• Improving the profitability and convenience of doing business on the dark web

• The Internet of Things and the proliferation of mobile devices.

What are the Consequences of Cybercrime?

A lack of attention to cybersecurity can harm your company in a variety of ways, including:

Costs of Production
Theft of intellectual property, company information, trading disruptions, and the expense of fixing damaged systems are all factors to consider.

Cost of Reputation
Consumer trust is being eroded, present and potential consumers are being lost to rivals, and there is a lack of media attention.

Costs of Regulation
Because of the GDPR and other data breach rules, your company might face regulatory penalties or punishments as a result of cybercrime.

Regardless of size, all firms must guarantee that all employees are aware of cybersecurity hazards and how to mitigate them. Regular training and a structure to work with should be part of this, with the goal of reducing the risk of data leaks or breaches.
It's impossible to calculate the direct and indirect costs of many security breaches because of the nature of cybercrime and how difficult it may be to detect. This isn't to say that even a little data breach or other security incident won't have a significant reputational impact. Consumers should anticipate more advanced cybersecurity safeguards as time goes on.

 

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