Improving telecom infrastructures, broader data services and an increasingly tech-savvy population make the Philippines one of the most robust mobile markets in Asia. The country’s digital ecosystem will continue to expand, thanks to a bullish smartphone market, already the fastest-growing market in Southeast Asia and expected to continue growing with the influx of competitively priced devices.

 

Mobile penetration in the Philippines is growing not just in urban areas but in the rural sectors as well. The social media and texting capital of the world has a digitally engaged market characterized mostly by young and literate users. Most of these users access the digital space through mobile devices.

 

As access to a wider range of mobile applications becomes easier, the shift to digital for completing tasks and activities such as paying bills, shopping, getting a ride home or securing a place to stay for a short trip will continue to gather steam. This, in turn, will further fuel the sharing economy that is reshaping the market landscape and displacing traditional practices and services.

 

Sharing apps

 

The sharing economy will continue gaining traction in the Asia Pacific, which is home to more than half of the world’s mobile subscribers. Mobile app revenue in Asia alone is forecast by GSMA Intelligence to hit US$57.5 billion by 2020.

 

In the Philippines, the rising number of mobile money or banking apps mirrors the huge market for such products and the growing preference for fast, efficient and convenient services. The rapid rise in popularity of vehicle-sharing apps such as Uber, Grab, Wunder and even Angkas, GPS apps such as Waze and accommodations platform Airbnb reflects the widening footprint of the sharing economy.

 

Airbnb, for example, regards the Philippines as its fastest-growing market in the ASEAN region, with Filipino travelers accounting for the bulk of users. In 2015 alone, the number of tourists that used the platform to find accommodation in the Philippines rose by 300 percent year-on-year.

 

Hidden threats amid promise of benefits

 

The promise of convenient and easy access to a wealth of services will continue to lure more mobile users to the sharing economy. In the Philippines, the strongest draw for sharing apps will be the desire to escape the alternative: long lines at the bank, many hours in traffic and other similar scenarios.

 

Increasing reliance on apps, however, has hidden perils. By registering with sharing apps, which require giving out personal information, users allow access to data that should otherwise be considered private and confidential. The huge amount of personal data in sharing apps makes them a treasure trove for cybercriminals who can paralyze services or unleash distributed denial-of-service (DDos) attacks to grab user data for their own purposes.

 

When attacked by DDoS, enterprises suffer a decline in web traffic and costly remediation work, which combined translate to revenue losses. Users of the site might also think of the organization as unreliable, resulting in loss of trust.

 

Closer to home, Filipinos became victims of what is considered one of the biggest cybercrimes in history last year. The “Comeleak” involved a group of hackers gaining access to the Comelec website. The breach exposed the personal data of close to 80 million Filipinos. With the data accessible over the internet, the threat of identity theft still looms long after the breach has been fixed.

 

Security is vital

 

As more users join the sharing economy and surrender personal data, including credit card and password information, security becomes all the more crucial. This raises the need for businesses to strengthen their organization’s security protocol to prevent breaches and other attacks.

 

Despite the growing realization among businesses about the importance of cybersecurity, many enterprises still prefer putting money in new investments to improving the company security framework, pushing proactive cybersecurity strategies to the backburner and not realizing it is a necessary investment and certainly more cost-efficient long-term than having to deal with the consequences of a DDoS attack. A recent report by Ponemon on APAC app security reveals only 17 percent of IT security budget goes to app security.

 

Securing the enterprise

 

The proactive cybersecurity measures enterprises need to put in place should include security monitoring and observations. Organizations must be able to prioritize what needs protection and ensure their IT programs are capable of prompt and effective breach identification.

 

An integrated security framework must be established to help enterprises ensure business agility, data encryption and risk management. Proactive digital hygiene measures such as regular patches must also be in place.

 

Cybersecurity infrastructures in enterprises must likewise enable all business units and functions to sustain on-going conversations. This way, critical security vulnerabilities can be easily identified and a more robust cybersecurity strategy can be implemented.


RECOMMENDED ARTICLE FOR TECHWORLD


 
Lenovo and Asetek Team Up to Bring Gamers New Liquid-Cooled Lenovo Legion Y920 Tower
Techworld Date Posted: 29 August 2017 4:24 PM | 279 Views
Lenovo, the leading global technology brand, has just announced at gamescom2017 the Legion Y920 Tower, the newest member of its Legion gaming lineup that assures gamers a reliable, whisper-quiet, and always-cool gaming experience as.... See More
 
Lenovo and Asetek Team Up to Bring Gamers New Liquid-Cooled Lenovo Legion Y920 Tower
Techworld Date Posted: 4:24 PM | 279 Views
Lenovo, the leading global technology brand, has just announced at gamescom2017 the Legion Y920 Tower, the newest member of its Legion gaming lineup that assures gamers a reliable, whisper-quiet, and always-cool gaming experience as...See More

 
Kaspersky Lab Warns of Future Attacks against Digital Money, Urges OFWs to Be Cyber-Savvy to Protect Themselves Abroad
Techworld Date Posted: 7 March 2018 9:59 AM | 597 Views
With the consistent growth of money remittances from overseas Filipino workers (OFWs) and the rising use of digital payment systems in the Philippines, Kaspersky Lab recently emphasized the need for Filipinos to be more.... See More
 
Kaspersky Lab Warns of Future Attacks against Digital Money, Urges OFWs to Be Cyber-Savvy to Protect Themselves Abroad
Techworld Date Posted: 9:59 AM | 597 Views
With the consistent growth of money remittances from overseas Filipino workers (OFWs) and the rising use of digital payment systems in the Philippines, Kaspersky Lab recently emphasized the need for Filipinos to be more...See More

 
Where to Buy Realme: Realme Philippines Gears Up for Nationwide Availability, Expands to 1000+ Stores this January
Techworld Date Posted: 5 January 2019 1:11 PM | 110 Views
Realme Philippines, the newest and fastest growing smartphone brand in the Philippines, is now gearing up for its nationwide availability by expanding to 1000+ stores nationwide.. See More
 
Where to Buy Realme: Realme Philippines Gears Up for Nationwide Availability, Expands to 1000+ Stores this January
Techworld Date Posted: 1:11 PM | 110 Views
Realme Philippines, the newest and fastest growing smartphone brand in the Philippines, is now gearing up for its nationwide availability by expanding to 1000+ stores nationwide.See More

 
No Room for Cyber-Complacency: a Quarter of DDoS Attacks Claim Unintended Victims
Techworld Date Posted: 2 April 2018 3:52 PM | 656 Views
Over a quarter of businesses that have been hit by a Distributed Denial of Service (DDoS) attack don’t think they were the intended target, highlighting that businesses can’t afford to be complacent when it.... See More
 
No Room for Cyber-Complacency: a Quarter of DDoS Attacks Claim Unintended Victims
Techworld Date Posted: 3:52 PM | 656 Views
Over a quarter of businesses that have been hit by a Distributed Denial of Service (DDoS) attack don’t think they were the intended target, highlighting that businesses can’t afford to be complacent when it...See More

 
Nokia 3310 Celebrates 18th Birthday with Price Blowout
Techworld Date Posted: 31 August 2018 4:58 PM | 130 Views
HMD Global, the home of Nokia phones, celebrates years of reliable mobile experience with Nokia 3310’s 18th birthday on September 1.. See More
 
Nokia 3310 Celebrates 18th Birthday with Price Blowout
Techworld Date Posted: 4:58 PM | 130 Views
HMD Global, the home of Nokia phones, celebrates years of reliable mobile experience with Nokia 3310’s 18th birthday on September 1.See More

 
Kaspersky Lab Launches Awards Campaign to Increase Awareness on Internet Safety
Techworld Date Posted: 9 August 2017 1:35 PM | 263 Views
Kaspersky Lab has launched a campaign in Asia Pacific to educate the public and spread awareness on Internet safety. Known as the Goondus Awards, the campaign is inviting submissions from the public on Internet.... See More
 
Kaspersky Lab Launches Awards Campaign to Increase Awareness on Internet Safety
Techworld Date Posted: 1:35 PM | 263 Views
Kaspersky Lab has launched a campaign in Asia Pacific to educate the public and spread awareness on Internet safety. Known as the Goondus Awards, the campaign is inviting submissions from the public on Internet...See More

 
Fortinet Survey Reveals 48% of APAC IT Decision Makers Are Confident of Their Cybersecurity Postures despite 86% of Organizations Being Breached
Techworld Date Posted: 15 December 2017 9:25 AM | 315 Views
Fortinet® (NASDAQ: FTNT), the global leader in broad, integrated and automated cybersecurity solutions, today revealed additional findings from its Global Enterprise Security Survey. According to the research, 40 percent of IT decision makers (ITDMs). See More
 
Fortinet Survey Reveals 48% of APAC IT Decision Makers Are Confident of Their Cybersecurity Postures despite 86% of Organizations Being Breached
Techworld Date Posted: 9:25 AM | 315 Views
Fortinet® (NASDAQ: FTNT), the global leader in broad, integrated and automated cybersecurity solutions, today revealed additional findings from its Global Enterprise Security Survey. According to the research, 40 percent of IT decision makers (ITDMs)See More

 
Kaspersky Lab Reveals PH Threat Landscape, Advocates Public-Private Collaboration in its First CyberSecurity Summit with the DICT
Techworld Date Posted: 7 August 2017 11:27 AM | 301 Views
The Department of Information and Communications Technology (DICT) Secretary Rodolfo Salalima (second from left) shakes hand with Kaspersky Lab Asia Pacific Managing Director Stephan Neumeier (third from left) during the media briefing for their.... See More
 
Kaspersky Lab Reveals PH Threat Landscape, Advocates Public-Private Collaboration in its First CyberSecurity Summit with the DICT
Techworld Date Posted: 11:27 AM | 301 Views
The Department of Information and Communications Technology (DICT) Secretary Rodolfo Salalima (second from left) shakes hand with Kaspersky Lab Asia Pacific Managing Director Stephan Neumeier (third from left) during the media briefing for their...See More

 
COLORFUL Debuts Most Powerful Gaming Graphics Card at CGU 2018: COLORFUL iGame GeForce RTX 2080 Ti KUDAN
Techworld Date Posted: 7 January 2019 2:43 PM | 144 Views
Colorful Technology Company Limited, professional manufacturer of graphics cards, motherboards and high-performance storage solutions is proud to announce its most powerful graphics card to date with the latest entry bearing the title of KUDAN.. See More
 
COLORFUL Debuts Most Powerful Gaming Graphics Card at CGU 2018: COLORFUL iGame GeForce RTX 2080 Ti KUDAN
Techworld Date Posted: 2:43 PM | 144 Views
Colorful Technology Company Limited, professional manufacturer of graphics cards, motherboards and high-performance storage solutions is proud to announce its most powerful graphics card to date with the latest entry bearing the title of KUDAN.See More

 
NVIDIA and BINUS University Collaborate on First AI R and D Centre in Indonesia
Techworld Date Posted: 29 August 2017 4:58 PM | 246 Views
NVIDIA today announced a collaboration with BINUS University and Kinetica to establish the first artificial intelligence (AI) research and development (R&D) centre in Indonesia. Located at the university's Anggrek Campus, the centre will support BINUS.... See More
 
NVIDIA and BINUS University Collaborate on First AI R and D Centre in Indonesia
Techworld Date Posted: 4:58 PM | 246 Views
NVIDIA today announced a collaboration with BINUS University and Kinetica to establish the first artificial intelligence (AI) research and development (R&D) centre in Indonesia. Located at the university's Anggrek Campus, the centre will support BINUS...See More


Power by

Download Free AZ | Free Wordpress Themes