"Unfortunately, particularly here in the Philippines, many organizations do not give security strategy the level of importance it requires," Accent Micro Technologies, Inc. (AMTI) said in a statement on Monday.
"Due to limited budget allocations, security strategy and layers of protection rarely get prioritized."
AMTI pointed out that companies do not change the level of their security systems even as the data being protected grows "exponentially."
"Companies realize later -- and oftentimes too late -- that a vulnerable organization is an expensive matter to resolve. The sadder fact is that not only are the companies themselves adversely affected -- with a substantially dwindled credibility and an army of seething employees or customers -- the personal security of so many innocent people becomes unjustly compromised."
The technology firm noted that even established institutions have been victimized by cyberattacks, such as the US Internal Revenue Service.
A hacker also broke into the Federal Bureau of Investigation and Homeland Security computer systems.
Last March, a group of hackers also broke into Bangladesh's central bank, obtained credentials needed for payment transfers, and then transferred large sums to fraudulent accounts based in the Philippines and Sri Lanka.
"Based on the recent cyberattacks worldwide against institutions that we all believe to be secure and protected, it is obvious that organizations need to stop scrimping on cybersecurity initiatives and give network and data security the importance it deserves," AMTI said.
The March 27 hacking and defacement of the Comelec Web site is potentially the world's biggest government-related data breach, exposing 54.4-million registered Filipino voters to identity theft and online fraud.
Source: Bworld Online