Market Trends of Philippines Cybersecurity Industry
Increasing Demand for Digitalization and Scalable IT Infrastructure is Expected to Drive the Market
- The rapid adoption of digital technologies and the use of digital technologies, such as digital payments, e-commerce, telemedicine, and online education, is rising in the Philippines and has helped individuals, businesses, and the government, ensure business continuity in the domestic economy. According to the Internation Trade Administration, in March this year, former President Duterte signed the Public Service Act (11659) amendment, allowing up to 100% foreign ownership of public services in the Philippines, including Telecommunications. To create a better business environment and support its digital transformation projects.
- The tech-savvy Filipino population with few data protection mechanisms makes the Philippines extremely vulnerable to cyber-attacks and incidents. The COVID-19 pandemic has changed the Philippines' digital landscape. A February 2020 survey declared that 43% of Philippine private companies had increased allocation toward cybersecurity solutions investment. Eighty-six percent (86%) use anti-malware and antivirus tools, 59% use next-generation firewalls, and 47% are starting to invest in cloud-native security. Due to the continued adoption of cloud storage and solutions, software-defined area network security is gaining market popularity.
- Local telecommunications firms and emerging broadband companies are leading digital transformation. These efforts contribute to solid telecommunications industry growth by building a world-class operation to expand next-generation connectivity solutions, bridging the digital divide in the Philippines.
- For instance, in June this year, The International Finance Corporation (IFC) announced today an additional $8.3 million indirect equity investment in EdgePoint Infrastructure (EdgePoint)-a tower platform with operations in Indonesia and Malaysia-to support the company's entry into the growing Philippines tower market, improving mobile connectivity for people and businesses.
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BFSI Sector is Expected to Drive the Market
- Digital transactions in the Philippines are expected to increase further as regulators, and other stakeholders continue strengthening the system and implementing safeguards to thwart financial transaction-related cyberattacks. BFSI companies are also migrating to adopt their digital transformation strategy and incorporate a cloud-based with the onset of newer technologies and increased digital adoption.
- The rise in the use of digital payments in the country following the hitting of the central bank's target to have 20 percent of financial transactions in the country be done through digital mode by 2022. For instance, In January 2022, BSP(Bangko Sentral ng Pilipinas), along with the Philippine Payments Management Inc. (PPMI), launched a multi-batch settlements (MBS) facility that will increase the allowed daily transactions through PESONet.
