The coordinator of the APEC Financial System Capacity Building, the Asia-Pacific Financial Forum at the Philippine International Convention Center recently told the forum that data is the new oil in this digital age.
Corporations now rely heavily on data and APFF Coordinator Dr. Julius Caesar Parrenas believes that data is now as valuable as oil.
With everyone’s data being extracted from CCTV cameras to online transactions, Parrenas told the audience that their data are collected at immense proportions and the only question is how these data can be meaningfully used.
The skyrocketing value of data has caused numerous cyber attacks costing billions of dollars in the United States.
“In the United States alone, Identity Theft contributed to a loss of 21 billion dollars,” former Team Leader of the United States Agency for International Development, Dr. Mario Lamberte said.
“In a 2017 study, 94% of executives rate security as the most important,” he added.
The given percentage has made cybersecurity extremely important in this current age to keep any data breach at bay.
In the Philippines, Francis Senora of the National Bureau of Investigation Computer Crimes Division, admitted that although our system may be vulnerable to cyber attacks, there’s always ‘innovation’ to protect our data.
“The vulnerabilities are there, but again, there’s innovation,” Senora said.
Senora added that the Philippine government has already pursued the necessary steps to augment its data security.
“In the Philippines, the government has already made steps, such as the existence of the National Service Security Plan, the NBICP, the NPC (National Privacy Commission) and the implementation of the RA10175 (Cyber Prevention Act) and the RA10173 (Data Privacy Act),” he said.
Senora cited an example that there was a company where its transaction was compromised, losing a total of 27 million pesos, but they took action and were able to recover the money and identify the foreign perpetrators.
“We were able to caught the foreign actors. We identified in the official reports that the actors were from Soviet Union (Russia),” he said.
Commissioner and Chairman of National Privacy Commission, Raymond Liboro added that Philippine-based industries can adapt in this digital age as the laws are there to protect them.
“We are very very confident that industries can adopt their own codes because we now have the omnibus and robust laws in place,” Liboro said.
Liboro added that according to statistics, 53% of data breaches are caused by employee error, while 47% were initiated by malicious attackers.
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