‘… when a senator falls prey to a cyber scam despite having all the crucial information to deter an attack, we know that we still have a long way to go in keeping our cyberspace safe. ‘
THE digital landscape, for all its undeniable benefits, has become a treacherous battleground.
Cyberattacks are no longer abstract threats but are a pervasive, escalating danger that spares no one. From giant multinational corporations to government agencies and even the most unassuming online user, it seems immunity from these brazen assaults no longer exists.
Left unchecked, this growing wave of cybercrimes could destabilize our banking and financial systems, ultimately imperiling the economy and the peace of mind of ordinary households.
We’ve witnessed a string of high-profile breaches impacting major entities like big commercial banks and major corporate players like Robinson’s Land, Toyota, Maxicare, Jollibee Group, and JG Summit. Government agencies, too, have found themselves victims, proving that even our most vital public institutions are vulnerable.
Cyber criminals have been at it since the mid-1990s when America Online (AOL) was hacked in 1994 and lost control of its clients’ passwords that were then used to open credit card accounts. In 2007, customers of a Swedish bank were sent fake emails urging them to review their accounts, which enabled cybercriminals to siphon off a total of 7 million kronor.
Cyberattacks manifest in various forms, from simple financial scams to complex hacking operations and the “phishing” schemes.
Kaspersky, a leading cybersecurity firm, reported 38,370 phishing attempts linked to financial scams in the Philippines in 2024 alone. Globally, they blocked over 10.7 million cybercrime attempts. Fortinet, another cybersecurity specialist, said 28 percent of Philippine companies suffered breaches costing over $3 million to recover.
Last year, a staggering 94 percent of Philippine organizations experienced at least one cybersecurity breach. The manufacturing, retail, telecommunications, and government sectors are usually the top targets.
The economic toll is undeniable; the Bangko Sentral ng Pilipinas (BSP) reported P6 billion in losses in 2024 from cybersecurity breaches. Unauthorized transactions tracked by BSP have reached P3.37 billion in the past two years, representing 13 percent of all complaints received by its consumer assistance unit.
The Cybercrime Investigation and Coordinating Center of the Department of Information and Communications Technology also received a record of over 10,000 cybercrime complaints in 2024, more than triple the previous year’s figures.
Q1 of 2025 alone saw 3,251 reports while many more cases go unreported.
The urgent need for a robust national shield against cyberattacks cannot be overstated.
Banks, being prime targets due to direct access to funds, must prioritize proactive threat intelligence sharing among themselves and with regulatory bodies.
Government agencies, also natural targets for keeping sensitive citizen data and critical national infrastructure, should invest significantly in acquiring secure IT infrastructure.
Public awareness initiatives led by government and financial institutions are crucial, educating citizens on common cyber threats.
Legislative action also plays a vital role, and the recent bills filed in Congress to regulate social media, artificial intelligence, and combat deepfakes, such as House Bill 10567, are the way to move forward.
It also helps if we can send to jail a cybercriminal to convey a strong message.
A comprehensive national cybersecurity strategy, coupled with sufficient funding and inter-agency cooperation, is essential in creating a resilient digital ecosystem.
But when a senator falls prey to a cyber scam despite having all the crucial information to deter an attack, we know that we still have a long way to go in keeping our cyberspace safe.
