Why cybersecurity must be on every CEO’s desk

THE BLOCK BOX DONALD LIM

- DONALD LIM

In boardrooms across the Philippines, cybersecurity is often discussed — yet still misunderstood. For too many companies, it remains seen as a technical issue, a cost center, or an IT department’s “problem to solve.” That thinking is dangerously outdated. In today’s digital economy, cybersecurity is not merely an operational concern — it is a core business risk, a compliance obligation, and, increasingly, a matter of corporate survival.

The reality is stark: cyberattacks are no longer confined to large multinationals or technology firms. Filipino corporations in manufacturing, retail, logistics, healthcare, and even education are finding themselves in the crosshairs. In recent years, we've seen high-profile breaches in major banks, telcos, hospitals, and government databases, including the 2023 PhilHealth ransomware attack that compromised millions of members’ personal data and disrupted services nationwide. Just last year, the Commission on Elections faced renewed scrutiny over alleged vulnerabilities in its systems, a reminder that even the democratic process can be threatened by cyber insecurity. These are not isolated incidents — they are part of an accelerating trend.

A single breach can cripple operations for days, sometimes weeks. Data can be stolen, destroyed, or locked behind ransom demands. Confidential contracts, intellectual property, and customer information can be leaked online within hours. The immediate financial damage is often compounded by the slower, more corrosive harm to a company’s reputation and customer trust. Once that trust is gone, it can take years — and millions in marketing and legal fees — to restore.