Ways Filipinos can secure their finances as the digital economy soars to $31 billion

Kaspersky, a global leader in cybersecurity and digital privacy, is actively addressing the growing cyber threats facing Filipinos as the country’s digital economy continues to expand.

But as the digital landscape expands, so do the risks.

The Philippine digital economy is poised for continued expansion, fuelled by the rapid growth of e-commerce and the ongoing development of digital infrastructure, according to the latest e-Conomy SEA report by Google, Temasek Holdings, and Bain & Co. The report projects that the country’s digital economy will grow by 20%, reaching a gross merchandise value (GMV) of $31 billion, making it the fastest-growing digital economy in Southeast Asia.

Meanwhile, the Philippines also saw a significant level of cyber threats from July to September 2024. Based on the latest report from Kaspersky Security Network (KSN), Kaspersky products detected 3,385,368 web-based cyber threats on the computers of KSN participants in the country during this period, with 28.3 percent of users encountering these internet-borne threats, placing the Philippines 8th globally in terms of web threat exposure. Additionally, Kaspersky recorded 4,422,874 local incidents affecting 25.4% of users in the Philippines, ranking the country 63rd worldwide for local threats. 

“Growth and expansion of digital economy creates plenty of business opportunities. With these opportunities also come threats as criminals are always on a money hunt. Cyber threats are very quickly evolving and outpacing the traditional approach to security. Not only cyber defence must evolve, it must also be robust and increase in tandem with the growing economy to keep money and assets protected,” says Yeo Siang Tiong, General Manager for Southeast Asia and Asia Emerging Countries at Kaspersky.

Here are some practical ways Filipinos can protect themselves as the digital economy grows:

1. Use Strong, Unique Passwords and a Password Manager

Avoid using simple passwords like “123456” or “password.” Instead, create strong, unique passwords for each account. A password manager, like Kaspersky Password Manager, can help generate and securely store complex passwords, making it easier to protect your accounts without memorizing multiple passwords.

2. Enable Multi-Factor Authentication (MFA)

Adding an extra layer of security, such as MFA, greatly reduces the risk of unauthorized access. MFA requires users to provide a second form of identification, like a code sent to your phone through an authenticator app, in addition to your password. This extra step can make a big difference in securing online accounts, especially for banking and e-commerce.

3. Be Wary of Phishing Scams

Phishing emails and fake websites are becoming more sophisticated. Always verify the sender’s address and avoid clicking on suspicious links or downloading attachments from unknown sources. Phishing protection tools, like those in Kaspersky’s security products, can alert you to potential threats and help prevent scams.

4. Keep Software and Devices Updated

Outdated software and devices are more vulnerable to attacks. Regularly update your operating system, apps, and antivirus software to patch security flaws that hackers could exploit. This simple step can greatly reduce your exposure to cyber threats.

5. Avoid Using Public Wi-Fi for Financial Transactions

Public Wi-Fi networks are often unsecured, making it easy for hackers to intercept data. When making online purchases or accessing banking apps, use a secure, private network. If you must use public Wi-Fi, consider using a virtual private network (VPN) to encrypt your data and protect your information.

6. Monitor Your Bank Statements and Digital Transactions

Keep a close eye on your financial statements and digital transactions to spot any unauthorized charges quickly. Many banks and financial apps also offer alerts for unusual account activity, allowing you to respond swiftly if something seems off.

7. Educate Yourself on Cybersecurity Best Practices

Staying informed about the latest cybersecurity threats and learning how to recognize them can empower you to protect your digital life. Many cybersecurity providers, including Kaspersky, offer free resources and tips on identifying potential threats and securing your information.

8. Secure Your Mobile Devices

Since mobile devices are increasingly used for online shopping and banking, securing them is essential. Avoid downloading apps from unknown sources, and consider using mobile security apps that offer features like app scanning, anti-theft protection, and secure browsing.

9. Invest in Reliable Security Software

Utilise professional and reliable security solution like Kaspersky Next with spam, phishing, and fraud protection can automatically detect and block threats in real time. It helps to safeguard online transactions and secure shopping accounts.

Kaspersky Next is designed to provide next-generation cybersecurity solutions tailored to the evolving digital landscape, ensuring that Filipinos can transact online with greater confidence and security. Kaspersky Next is the company’s next-generation cybersecurity product line designed to combat today’s sophisticated and emerging cyber threats. It offers adaptable, robust, cloud-native protection tailored to various business needs. The product line includes:

• Kaspersky Next EDR Foundations: Provides essential endpoint protection and detection capabilities.
• Kaspersky Next EDR Optimum: Offers intermediate security with enhanced features for growing businesses.
• Kaspersky Next XDR Expert: Delivers advanced security solutions for complex threat environments.

Each tier is built around unparalleled endpoint protection powered by machine learning, ensuring a superior defense against multiple types of threats to help businesses avoid losses and disruptions.