Cybersecurity expert Fortinet has warned Philippines that ransomware incidents will continue to rise against private companies.

In a press statement, Fortinet disclosed that hackers have been conducting digital attacks to disrupt business operations in order to gain financially.

The cybersecurity solutions firm aired the information after receiving the results of a survey it commissioned on the security of the cyberspace in the country.

The survey conducted by International Data Corp (IDC), disclosed that ransomeware and phishing operations are the top cyber security threats that should be addressed immediately.

At least 550- information technology firms across markets in the Pacific region were involved in the study.

Phishing is a cybercrime operation that use email, telephone or text message to pose as a legitimate institution to be able to get sensitive data on a persons banking, credit card and other financial information.

On the other hand, ransomware is described as a malware that is designed to prevent a user, usually big business organizations, access to files on their computer. The system is returned to normal as soon as ransom is paid by the victim.

Fortinet said the Philippines most prevalent cyber threats include phishing, ransomware, unpatched vulnerabilities, identity theft and insider threas.

A surge in ransomware incidents were noted in 2023 as business organizations reported that attacks have doubled.

“What we are seeing though is the frequency of those attacks is increasing,” said Fortinet vice president Rashish Pandey.