The British Chamber of Commerce Philippines (BCCP), in partnership with Malaya Business Insight, recently hosted the “Building Cyber Trust: Cybersecurity and Innovation for a Resilient Future” webinar. Led by Executive Chairman Chris Nelson and featuring CyberQ Group APAC CEO Roberto Tayag, the event addressed escalating cyber threats and the need for stronger security measures.
Tayag stressed that cybersecurity has evolved from an IT concern to a business necessity, with AI-powered threats requiring proactive defense strategies. Cybercriminals now leverage AI for automated attacks, sophisticated phishing, and deepfake scams.
Public-private partnerships emerged as crucial for establishing industry-wide security standards. Nelson highlighted BCCP’s advocacy for the Cybersecurity Act, which would create a national framework, strengthen threat response, and enforce stricter security measures.
The speakers debunked the misconception that cybersecurity is prohibitively expensive for small businesses. Tayag advised companies to begin with basic security practices like multi-factor authentication and employee training, while Nelson framed cybersecurity as an investment rather than a cost.
With the Philippine cybersecurity market projected to reach $390 million by 2028 (13% growth), immediate action is needed. The country currently faces one of the slowest cyber incident response times globally, making businesses vulnerable to ransomware, data breaches, and fraud.
BCCP continues advocating for the Cybersecurity Act alongside the E-Governance and Konektadong Pinoy Acts. The recent UK-Southeast Asia Tech Week showcased British expertise that could serve as a model for Philippine cyber resilience.“The thrust is that the trade between the two countries is growing, but we want to see it grow even more. And therefore, passing key acts such as the E-Governance Act and the Cybersecurity Act, we think, will foster and improve the ability to do business here.” Nelson stated.
