Connect with us

Hi, what are you looking for?

News

Heightened cybersecurity seen as necessary accompaniment to broader tech adoption

REUTERS

UPGRADED CYBER-DEFENSES need to accompany greater adoption of the blockchain, artificial intelligence, and financial technology, extending the blanket of security to other entities that a company deals with, an association of technology security officers said.

“Before, we only protected our castle. Now, we have to go beyond that and protect even those even outside of it,” according to Archieval B. Tolentino, president of the Information Security Officers Group, speaking on Tuesday at the BusinessWorld Economic Forum.

Mr. Tolentino added that companies need to be wise to the risks associated with social media use.

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

Nevertheless, companies must press on with technology adoption because of the new generations’ comfort level 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 participate in this development,” Fitzgerald S. Chee, vice-president and head of consumer platforms at Bank of the Philippine Islands said at the forum.

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

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

“These opportunities continue to play today,” he said.

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

“Bitcoin is a decentralized asset. When you store it can never be shut down. When you have something that is decentralized, no one can put it down, and you’ll have something perpetually,” he said.

“It’s easy to lump cryptocurrency as one thing. The failure of one exchange is not a failure of crypto. It does not change the use cases of bitcoin, ethereum, etc.,” he added.

Kristoffer Eduard M. Rada, head of public policy at TikTok Philippines, said social media platforms like TikTok have been creating opportunities for online businesses.

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

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

“(Digital media now) gives you the freedom to pursue your passions and form communities based on those passions,” Mr. Rada said, adding that social media platforms now also contribute to economic growth by supporting and enabling e-commerce.

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

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

Egg vendors arrange their products for sale at a store along Blumentritt in Manila, Jan. 26. Filipinos are grappling with soaring prices of food,...

News

ICC prosecutor authorized to reopen Philippines drug war investigation – BusinessWorld Online ...

News

Photo via freepik The past years saw climate change, defined by World Health Organization (WHO) as “the change in climate in time due to...

News

At Christmastime, monster waves and winds battered the 23-year-old Tubbataha Ranger Station. (Inset photo) Metro Pacific Investments Foundation, Inc. committed to provide an additional...

News

www.facebook.com/DOTrPH The Department of Transportation (DoTr) has one of the most illustrious histories of public service, having been founded under the Malolos Constitution on...

News

The ongoing LRT-1 Cavite Extension project, which is expected to reduce travel from Baclaran to Bacoor, Cavite from one hour to 25 minutes Transport...

You May Also Like

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.