THE IT and Business Process Association of the Philippines (IBPAP) said recent cyberattacks and hacking incidents pose risks to the industry’s operations and could also erode the Philippines’ standing as an investment destination.
“The IBPAP is deeply alarmed by these malicious acts, which not only jeopardize the operations of the IT-BPM (information technology and business process management) industry but also the reputation of the Philippines as an attractive investment destination,” IBPAP President and Chief Executive Officer Jack Madrid said in a statement on Tuesday.
Mr. Madrid called for a heightened state of alertness in the face of cyberattacks targeting sensitive government data and communication technology systems.
“The Philippine IT-BPM industry, which is projected to generate revenue of $35.4 billion by the end of 2023, acknowledges that a successful cyberattack could potentially lead to substantial losses,” Mr. Madrid said.
“More importantly, the ramifications of cyberattacks extend beyond immediate financial losses. They can inflict lasting damage on businesses, leading to client attrition, reputational harm, and long-term financial implications,” he added. — Justine Irish D. Tabile