Cybersecurity firm Fortinet warned businesses and consumers to brace for a potential spike in cyberattacks during the holiday season. This, as increased spending and remittances could create more opportunities for online fraud.
Bambi Escalante, Fortinet’s country manager for the Philippines, said Filipinos are especially vulnerable to this due to the expected rise in overseas Filipino worker (OFW) remittances and their long Christmas celebrations.
‘In the holiday season, that’s when there would be a lot of financial transactions that don’t ordinarily happen the rest of the year, such as remittances from our OFWs, us buying gifts, online purchases, online transactions,’ Escalante said in a year-end briefing in Makati.
‘Now that the holidays are here, I’m sure there will be a resurgence of online scams again,’ she added.
Escalante added that work stoppages over the holidays could also leave businesses exposed to cyberattacks.
‘People take vacations, or there are network freezes, and nobody’s manning the data center or the network or looking at what’s happening, then the cyber criminals can just attack any industry,’ she warned. Cybercrime as an industry
As technology advances, cybercrimes are also growing more sophisticated and specialized, said Jonas Walker, the director of threat intelligence for Asia-Pacific and the Middle East at Fortinet.
Walker noted that artificial intelligence (AI) is lowering the barrier for launching attacks. The technology even prompts malicious actors to develop their own AI models.
Fortinet predicts that by 2026, cybercrime will have evolved into an organized industry comparable in scale to global sectors.
‘The findings clearly show that cybercrime is no longer an opportunistic activity, it is an industrialized system operating at machine speed. As automation, specialization, and AI redefine every stage of the attack lifecycle,’ Walker said.
‘Cybersecurity has become a race of systems, not individuals, and organizations will need integrated intelligence, continuous validation, and real-time response to stay ahead of adversaries who measure success by throughput, not novelty,’ he added. INQ