Cybersecurity Basics Every Filipino Entrepreneur Should Know
We live in a fast-paced world, and the Philippines is no exception to this rule. Filipinos must take cybersecurity seriously, just like everybody else.
Understanding cybersecurity basics is essential for protecting your small business and keeping your customers’ priceless trust.
Table of Contents
Let’s explore the core things you need to know to secure your business from digital threats.
Cybersecurity Matters More Than Ever
The digital transformation in the Philippines has accelerated, but this is not a surprise. More and more businesses rely on e-commerce, digital payments, and cloud-based tools for daily operations.
Unfortunately, while this shift brings convenience and growth, it also increases vulnerability to digital threats.
In fact, according to a 2023 study, over 68% of companies in the Philippines experienced at least one cybersecurity incident. One notable case involved a Quezon City-based logistics company losing millions after falling victim to a business email compromise (BEC) scam. This is just another example of how every type of business should have an efficient security plan.
The Most Common Cyber Threats
1. Phishing Attacks
To break it down into simple terms, in these cases, hackers aim to steal sensitive data and credentials by fooling individuals into taking actions such as installing malware.
2. Ransomware
Once a ransomware attack infiltrates your system, it locks critical data and blocks access until a ransom is paid to restore control. Ransomware puts companies in a very difficult position, forcing them to choose between paying the attackers or risking prolonged disruption.
3. Business Email Compromise (BEC)
BEC scams involve hackers impersonating your company or executives to trick staff or clients into sending money or confidential information. This is exactly why you should consider training not only your team but also your customers in the best security practices.
6 Essential Cybersecurity Tips
1. Use Strong, Unique Passwords
It might sound obvious, but weak passwords like ‘123456’ are still far too common. It’s critical to ensure that every account uses a unique, strong password. For ease, you can use a password manager to keep track of them.
2. Enable Two-Factor Authentication (2FA)
Two-Factor Authentication (2FA) is commonly used for personal accounts, so why shouldn’t businesses take advantage of this too? Most platforms now offer built-in 2FA options, and they are extremely easy to use. You can also use authenticator apps, which can be downloaded from your phone’s app store and linked to your business accounts directly.
3. Keep Software Updated
Outdated apps or systems are vulnerable to attack. Always update your POS system, website platform, and anti-virus software. Remember that all of these include security patches that must be constantly updated to work correctly.
4. Regularly Back Up Data
When we say this, we mean creating multiple data backups. Make sure to store copies both in the cloud and on external devices. That way, if ransomware strikes, you can recover without paying.
5. Antivirus Software
It may seem obvious, but antivirus software remains essential. If you have a small or medium-sized business, you should prioritize having a good and professional antivirus.
6. Use a VPN
A VPN encrypts your internet connection, protecting your data from hackers while also ensuring privacy, especially when handling customer transactions or proprietary business data.
A Good Work Culture Can Improve Security
Cybersecurity isn’t just about tools; it’s also about people. Training your team, even if it’s a small one, could be a lifesaver.
Train Your Staff
It is not a bad idea to allocate some budget to educating your team on spotting suspicious emails, using strong passwords, and reporting issues. A short training session twice a year can make a world of difference.
Create Clear Policies
Have basic cybersecurity rules in place—who can access certain files, how to handle customer data, and what to do during a security incident.
Local Resources for Cybersecurity Support
Luckily, Filipino entrepreneurs aren’t alone in this, and they can get support from the National Privacy Commission (NPC). Plus, they can also access the Data Privacy Competency Program, which is a useful resource that aims to enhance the quality of data privacy education in the
Philippines, while democratizing the accessibility of data privacy education. It’s an ideal starting point for a beginner entrepreneur.
Conclusion
Cybersecurity may sound technical, but it’s actually simple. It’s all about protecting what you’ve worked so hard to build. You don’t need to be a security expert yourself; what you need is to be smart enough to invest in the right tools and professionals.
Don’t wait for a cyber incident to strike. Don’t forget that in business, being proactive is always better than damage control.