Increased cybersecurity is seen as a necessary concomitant of broader technology adoption

REUTERS

UPDATED CYBER DEFENSES must be accompanied by greater blockchain adoption, artificial intelligence, and fFinancial technology, extension of the security blanket to other entities with which a company deals, an association of technology security, etconwardssaid.

“We used to only protect our castle. Now we need to go beyond that and also protect those outside of it,” said Archieval B. Tolentino, President of Information Security Oonwardsicers Group, speaking at the BusinessWorld Economic Forum on Tuesday.

Mr. Tolentino added that companies need to consider the risks associated with using social media.

“The ugly truth about social media is that it can make or break a business based on information and misinformation on the internet,” he said.

Still, companies need to drive adoption of technology as the new generations become familiar with the new ways of doing things.

“These are opportunities for us to see where things are going for the next generation. They are digital natives. As banks, it challenges us to see how we can be a part of this evolution,” said Fitzgerald S. Chee, vice president and head of consumer platforms at Bank of the Philippine Islands, at the forum.

Mr Chee said that while investing in cybersecurity is important, digital literacy is just as important.

Stock Smarts chief executive officer Marvin P. Germo noted that the pandemic has accelerated the adoption of technology, including online banking applications.

“Those opportunities are still playing out today,” he said.

Mr. Germo, who has invested in the crypto market, also said that interest in digital assets will continue.

“Bitcoin is a decentralized asset. If you save it, it can never be shut down. When you have something decentralized, no one can put it down and you always have something,” he said.

“It’s easy to lump cryptocurrencies together. An exchange failure is not a crypto failure. It doesn’t change the use cases of Bitcoin, Ethereum, etc.,” he added.

Kristoffer Eduard M. Rada, Public Policy Director at TikTok Philippines, said that social media platforms like TikTok have created opportunities for online businesses.

He said that TikTok has evolved from an entertainment platform to an informational and now entrepreneurial platform, with many users now engaged in “live selling.”

According to a recent report by Google, Temasek, and Bain & Co., the Philippines’ digital economy is expected to reach $35 billion in gross merchandise value by 2025, a compound annual growth rate (CAGR) of 20% from the current $20 billion equivalent to US dollars. The main driver will be the e-commerce sector, which is expected to grow to $22 billion by 2025, indicating a 17% CAGR.

“(Digital media now) gives you the freedom to pursue your passions and build communities based on those passions,” Mr. Rada said, adding that social media platforms are now also contributing to economic growth by empowering e-commerce support and enable.

Mr Rada proposed a multisectoral approach to misinformation or disinformation. He said TikTok Philippines is working with media organizations and the academic community to address the issue. He added that having credible information sources such as media organizations on TikTok will help counteract the spread of false information and eliminate it. — Arjay L. Balinbin

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