Is your business protected against phishing and other online threats?
The past decade saw Filipino consumers embracing a more digital way of life. They have even become renowned as being among the world’s top users of social media. E-commerce and digital transactions have been steadily rising, increasing by 9% and 15% from 2019 to 2020, respectively. Amid the pandemic, digital adoption in the market only grows higher as it helps people accomplish daily tasks in the safety of their homes.
However, advances in technology have been a double-edged sword.
According to the 2020 Unisys Security Index, Filipinos are highly concerned about data security due to widespread hacking and social engineering incidents. Since the lockdown started in March, when more consumers began adopting digital solutions, there has been a 200% increase in phishing alone, with the most cases committed on social media, against banks, and via email, according to the National Bureau of Investigation (NBI). Data from credit-reporting agency Transunion found suspected digital fraud cases to have more than doubled in the country during the pandemic.
The most affected industries were telecommunications and financial services, where credit card fraud, identity theft, and account takeovers were the most reported crimes. Other mobile security threats such as SIM swaps, when a third party gains access to a user’s personal information by unauthorized SIM hijacking, and man-in-the-middle attacks, when a malicious actor puts himself in between a user and an application to gain access, have become rampant.
Despite the increased cyber attacks, Filipinos are only becoming more digital with higher expectations of convenience, efficiency, and security from brands. For businesses, this means surviving the digital competition is winning and retaining the hearts, minds, and wallets of consumers through seamless and secure CX.
The emergence of advanced cloud-based customer engagement solutions offers organizations a way to juggle all these requirements. At the heart of these technologies is the most fundamental duty of all businesses that enables security, seamlessness, …