Cyberattacks cost 28% of PHL firms over $3 million to recove...

AROUND 28% of Philippine companies said that cybersecurity breaches cost them over $3 million (around P174.02 million) to recover, according to cybersecurity firm Fortinet. Sectors mainly in manufacturing, retail, telecommunications, and government offices said they had to pay millions to recover from a cyberattack, Fortinet Philippines Country Manager Alan C. Reyes told BusinessWorld on Tuesday, citing the company's latest survey. Furthermore, around 52% of organizations said that breaches cost them over $1 million to recover. Following a single data breach, companies have to pay for the cost of operational disruption and the actual recovery of data, among other expenses, Fortinet said. "If you talk to some of the IT (information technology) professionals, what's more important for them is the recovery of the data rather than the money that they're paying for," Mr. Reyes said during...