April 25, 2018, 3:09 pm
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1 Philippine Peso = 0.07044 UAE Dirham
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1 Philippine Peso = 0.03414 Neth Antilles Guilder
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1 Philippine Peso = 0.89893 Gambian Dalasi
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1 Philippine Peso = 20.47315 Korean Won
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1 Philippine Peso = 0.31433 Moldovan Leu
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1 Philippine Peso = 25.29728 Myanmar Kyat
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1 Philippine Peso = 0.01918 Panama Balboa
1 Philippine Peso = 0.06167 Peruvian Nuevo Sol
1 Philippine Peso = 0.06232 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
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1 Philippine Peso = 105.81128 Paraguayan Guarani
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1 Philippine Peso = 16.19889 Rwanda Franc
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1 Philippine Peso = 0.02526 Singapore Dollar
1 Philippine Peso = 0.01369 St Helena Pound
1 Philippine Peso = 0.42589 Slovak Koruna
1 Philippine Peso = 146.33679 Sierra Leone Leone
1 Philippine Peso = 10.79785 Somali Shilling
1 Philippine Peso = 382.92676 Sao Tome Dobra
1 Philippine Peso = 0.16782 El Salvador Colon
1 Philippine Peso = 9.87687 Syrian Pound
1 Philippine Peso = 0.2317 Swaziland Lilageni
1 Philippine Peso = 0.60153 Thai Baht
1 Philippine Peso = 0.04709 Tunisian Dinar
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1 Philippine Peso = 0.07793 Turkish Lira
1 Philippine Peso = 0.12937 Trinidad Tobago Dollar
1 Philippine Peso = 0.56552 Taiwan Dollar
1 Philippine Peso = 43.65171 Tanzanian Shilling
1 Philippine Peso = 0.50153 Ukraine Hryvnia
1 Philippine Peso = 70.73264 Ugandan Shilling
1 Philippine Peso = 0.01918 United States Dollar
1 Philippine Peso = 0.54066 Uruguayan New Peso
1 Philippine Peso = 154.48792 Uzbekistan Sum
1 Philippine Peso = 1138.30075 Venezuelan Bolivar
1 Philippine Peso = 436.67051 Vietnam Dong
1 Philippine Peso = 2.02071 Vanuatu Vatu
1 Philippine Peso = 0.04846 Samoa Tala
1 Philippine Peso = 10.24242 CFA Franc (BEAC)
1 Philippine Peso = 0.05178 East Caribbean Dollar
1 Philippine Peso = 10.24242 CFA Franc (BCEAO)
1 Philippine Peso = 1.85386 Pacific Franc
1 Philippine Peso = 4.79287 Yemen Riyal
1 Philippine Peso = 0.23169 South African Rand
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1 Philippine Peso = 6.94093 Zimbabwe dollar

Cybersecurity failures lead to huge business losses

BY Desmond G.E. Tribdino

NEARLY a billion dollars are lost globally when companies compromise their cybersecurity portfolio either by using the services of inexperienced third party supplier. This even as more companies are investing in cybersecurity.

Cybersecurity investment regardless of ROI have jumped to 63 percent in 2017 compared to 56 pecent last year. This is one of the interesting findings of a new study from online business specialist B2B International and cybersecurity expert Kaspersky Lab has found that the average cost of a cybersecurity incident is growing. 

According to the report ‘IT Security: cost-center or strategic investment?,” the most costly cybersecurity breaches for businesses of all sizes result from the failures of third parties, which means that companies should not only invest in their own protection, but also pay attention to that of their business partners.

Businesses are starting to pay more attention to cybersecurity, viewing it as a strategic investment, and the share of IT budgets are increasing.  Money being spent on IT security has reachedabout 23 percent of IT budgets in large corporations. 

This pattern is consistent across businesses of all sizes, including very small businesses where resources are usually in short supply. 

However, while security appears to be receiving a larger proportion of the IT budget pie, the pie itself is getting smaller. For example, the average IT security budget for enterprises in absolute terms dropped from $25.5M last year to $13.7M in 2017.
 
‘’While cybersecurity incidents involving third parties prove to be harmful to businesses of all sizes, their financial impact on a company has the potential to result in twice as much damage. This is because of a wider global challenge – with threats moving fast, but businesses and legislation changing slowly,” Alessio Aceti, Head of Enterprise Business Division at Kaspersky Lab says.

The biggest concern here for companies is that but security breaches, those little, sometimes unseen mistakes, flaw or loopholes in the security fabric of a company, are not getting cheaper to recover from. Ransomware attacks of the WannaCry proportions, for example, cost an average of $500 to recover from, and there is not assurance for a full recovery.

According to the study, this year, small and medium businesses paid an average of $87.8K per security incident (compared to $86.5k in 2016), while enterprises faced an even larger increase of $992K in 2017, compared to $861K in 2016.

Raising IT security budgets is only part of the solution, as the most staggering losses stem from the incidents involving third parties and their cyber-failures. 

Up to $140K were paid by companies for incidents affecting infrastructure hosted by a third party, while enterprises lost nearly two million dollars ($1.8M) as a result of breaches affecting suppliers that they share data with, and $1.6M because of IaaS (Infrastructure-as-a-service) providers’ insufficient levels of protection.

On the other hand, Kaspersky Lab offers solutions that cover the various needs of SMB and enterprise companies related to endpoint protection, DDoS protection, cloud security, advanced threat defense and cybersecurity services.

As soon as a business gives another organization access to its data or infrastructure, weaknesses in one may affect them both. This issue is becoming increasingly important as governments worldwide rush to introduce new legislations, requiring organizations to provide information about how they share and protect personal data. 

“When regulations like GDPR become enforceable and catch up with businesses before they manage to update their policies, the fines for non-compliance will further add to the bill”, says Alessio Aceti, Head of Enterprise Business Division at Kaspersky Lab.  

To help businesses with their IT security strategies, based on the industry threat landscape and specific recommendations, Kaspersky Lab introduces the Kaspersky IT Security Calculator. 

This business tool is an ultimate guide to the cost of IT security based on the average budgets being spent (by region, industry and company size), security measures, the major threat vectors, money losses and tips on how to avoid a compromise. 
 
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