While the Philippines, which makes its debut on the report this year with 19 respondents, ranked cyber incidents as its top third business threat, such risk made it to the top of the global list, after receiving 39 percent of survey responses.
Globally, the peril of cyber incidents is followed closely by business interruption , with 37 percent of responses. According to the report, this used to be identified by respondents as their No. 1 risk for several years, until it was dethroned by cyber incidents this year.According to the report, business interruption and cyber-related risks are closely interlinked, especially with companies’ increased reliance on digital technology.
Digital supply chains, while efficient and more transparent, also open businesses to the risk of interruption, since one glitch can have a domino effect, especially if multiple companies under one umbrella organization are sharing the same system.The report makes an example of an incident in June 2019: an outage caused a catastrophic failure at some Google cloud services, causing several hours of disruption to a number of large online service providers, including YouTube, Uber and Snapchat.
Fires and natural disasters, though, remain the major causes of business interruption, which makes this risk also closely related to what Philippine companies see as their No. 2 threat: natural catastrophes, which is natural, given the number of storms, earthquakes and other disasters the country experiences in a year.
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