A Frost & Sullivan study reveals potential economic loss in the Philippines due to cybersecurity incidents

Cybersecurity threats to cost organizations in the Philippines US$3.5 billion in economic losses

Microsoft and Frost & Sullivan Study reveals that:
• A large-sized organization in the Philippines can possibly incur an economic loss of US$7.5 million, more than 200 times the average economic loss for a mid-sized organization
• Cybersecurity attacks have led to job losses in seven in ten (72%) organizations over the last year
• Cybersecurity concerns delay Digital Transformation plans
• Organizations are increasingly leveraging Artificial Intelligence to enhance their cybersecurity strategy

A Frost & Sullivan study commissioned by Microsoft revealed that the potential economic loss in the Philippines due to cybersecurity incidents can hit a staggering US$3.5 billion. This is 1.1 percent of the Philippines’ total GDP of US$305 billion[1].



The study, titled “Understanding the Cybersecurity Threat Landscape in Asia Pacific: Securing the Modern Enterprise in a Digital World”, aims to provide business and IT decision makers with insights on the economic cost of cybersecurity breaches in the region and identify the gaps in organizations’ cybersecurity strategies. The study involved a survey of 1,300 business and IT decision makers ranging from mid-sized organizations (250 to 499 employees) to large-sized organizations (>than 500 employees).

The study reveals that more than half of the organizations surveyed in the Philippines have either experienced a cybersecurity incident (18%) or are not sure if they had one as they have not performed proper forensics or data breach assessment (34%).

“As companies embrace the opportunities presented by cloud and mobile computing to connect with customers and optimize operations, they take on new risks,” said Hans Bayaborda, Managing Director, Microsoft Philippines. “With traditional IT boundaries disappearing the adversaries now have many new targets to attack. Companies face the risk of significant financial loss, damage to customer satisfaction and market reputation — as has been made all too clear by recent high-profile breaches.”

The True Cost of Cybersecurity Incidents – Economic, Opportunity and Job Losses

The study revealed that:

 A large-sized organization in the Philippines can possibly incur an economic loss of US$7.5 million, more than 200 times higher than the average economic loss for a mid-sized organization (US$35,000); and
Cybersecurity attacks have resulted in job losses across different functions in seven in ten (72%) organizations that have experienced an incident over the last 12 months.


To calculate the cost of cybercrime, Frost & Sullivan has created an economic loss model based on macro-economic data and insights shared by the survey respondents. This model factors in three kinds of losses which could be incurred due to a cybersecurity breach:

Direct: Financial losses associated with a cybersecurity incident - this includes loss of productivity, fines, remediation cost, etc;
Indirect: The opportunity cost to the organization such as customer churn due to reputation loss; and
Induced: The impact of cyber breach to the broader ecosystem and economy, such as the decrease in consumer and enterprise spending.


“Although the direct losses from cybersecurity breaches are most visible, they are but just the tip of the iceberg,” said Edison Yu, Vice President and Asia Pacific Head of Enterprise for Frost & Sullivan. “There are many other hidden losses that we have to consider from both the indirect and induced perspectives, and the economic loss for organizations suffering from cybersecurity attacks can be often underestimated.”



In addition to financial losses, cybersecurity incidents are also undermining the Philippines organizations’ ability to capture future opportunities in today’s digital economy, with more than half (57%) respondents stating that their enterprise has put off digital transformation efforts due to the fear of cyber-risks.



Key Cyberthreats and Gaps in the Philippines Organizations’ Cybersecurity Strategies

Although high-profile cyberattacks, such as ransomware, have been garnering a lot of attention from enterprises, the study found that for organizations in the Philippines that have encountered cybersecurity incidents, data exfiltration and data corruption are the biggest concern as they have the highest impact with the slowest recovery time.



Besides external threats, the research also revealed key gaps in organizations’ cybersecurity approach to protect their digital estate:



Security an afterthought: Only 44% of organizations consider cybersecurity before the start of a digital transformation project. Majority of respondents (56%) either think about cybersecurity only after they start on the project or do not consider it at all. This limits their ability to conceptualize and deliver a “secure-by-design” project, potentially leading to insecure products going out into the market;


Creating a Complex Environment: Negating the popular belief that deploying a large portfolio of cybersecurity solutions will render stronger protection, the survey revealed that 17% of respondents with more than 50 cybersecurity solutions could recover from cyberattacks within an hour. In contrast, more than twice as many respondents (38%) with fewer than 10 cybersecurity solutions responded that they can recover from cyberattacks within an hour; and


Lacking cybersecurity strategy: While more and more organizations are considering digital transformation to gain competitive advantage, the study has shown that 46% of respondents see cybersecurity strategy only as a means to safeguard the organization against cyberattacks rather than a strategic business enabler. A mere 25% of organizations see cybersecurity strategy as a digital transformation enabler.
 

“The ever-changing threat environment is challenging, but there are ways to be more effective using the right blend of modern technology, strategy, and expertise,” added Hans. “Microsoft is empowering businesses in the Philippines to take advantage of digital transformation by enabling them to embrace the technology that’s available to them, securely through its secure platform of products and services, combined with unique intelligence and broad industry partnerships.”



Artifical Intelligence (AI) is the Next Frontier in Cybersecurity Defense

In a digital world where cyberthreats are constantly evolving and attack surface is rapidly expanding, AI is becoming a potent opponent against cyberattacks as it can detect and act on threat vectors based on data insights. The study reveals that more than almost four in five (79%) organizations in the Philippines have either adopted or are looking to adopt an AI approach towards boosting cybersecurity.



AI’s ability to rapidly analyze and respond to unprecedented quantities of data is becoming indispensable in a world where cyberattacks’ frequency, scale and sophistication continue to increase.



An AI-driven cybersecurity architecture will be more intelligent and be equipped with predictive abilities to allow organizations to fix or strengthen their security posture before problems emerge. It will also grant companies with the capabilities to accomplish tasks, such as identifying cyberattacks, removal of persistent threats and fixing bugs, faster than any human could, making it an increasingly vital element of any organizations’ cybersecurity strategy.



Recommendations for securing the modern enterprise in a digital world

AI is but one of the many aspects that organizations need to incorporate or adhere to in order to maintain a robust cybersecurity posture. For a cybersecurity practice to be successful, organizations need to consider People, Process and Technology, and how each of these contributes to the overall security posture of the organization.



To help organizations better withstand and respond to cyberattacks and malware infections, here are five best practices that they can consider in improving their defense against cybersecurity threats:



Position cybersecurity as a digital transformation enabler: Disconnect between cybersecurity practices and digital transformation effort creates a lot of frustration for the employees. Cybersecurity is a requirement for digital transformation to guide and keep the company safe through its journey. Conversely, digital transformation presents an opportunity for cybersecurity practices to abandon aging practices to embrace new methods of addressing today’s risks;


Continue to invest in strengthening your security fundamentals: Over 90% of cyber incidents can be averted by maintaining the most basic best practices.  Maintaining strong passwords, conditional use of multi-factor authentication against suspicious authentications, keeping device operating systems, software and anti-malware protection up-to-date and genuine can rapidly raise the bar against cyberattacks. This should include not just tool-sets but also training and policies to support a stronger fundamental;


Maximize skills and tools by leveraging integrated best-of-suite tools. The best tools are useless in the hands of the amateur. Reduce the number of tools and the complexity of your security operations to allow your operators to hone their proficiency with the available tools. Prioritizing best-of-suite tools is a great way to maximize your risk coverage without the risk of introducing too many tools and complexity to the environment. This is especially true if tools within the suite are well-integrated to take advantage of their counterparts;


Assessment, review and continuous compliance: The organization should be in a continuous state of compliance. Assessments and reviews should be conducted regularly to test for potential gaps that may occur as the organization is rapidly transforming and address these gaps. The board should keep tab on not just compliance to industry regulations but also how the organization is progressing against security best practices; and


Leverage AI and automation to increase capabilities and capacity: With security capabilities in short supply, organizations need to look to automation and AI to improve the capabilities and capacity of their security operations. Current advancements in AI has shown a lot of promise, not just in raising detections that would otherwise be missed but also in reasoning over how the various data signals should be interpreted with recommended actions. Such systems have seen great success in cloud implementations where huge volumes of data can be processed rapidly. Ultimately, leveraging automation and AI can free up cybersecurity talents to focus on higher-level activities.


For more information on the study, please visit:

https://news.microsoft.com/apac/features/cybersecurity-in-asia/  ‎



To better understand the cyberthreats happening globally and in Asia Pacific, please download the Microsoft Security Intelligence Report Volume 23 here: https://info.microsoft.com/ww-landing-Security-Intelligence-Report-Vol-23-Landing-Page-eBook.html

Salvatore Cuomo & Bar: Where Italian Food Rules

If youre looking for an Authentic Italian food and perfect Neapolitan Pizza, then its time to drop by Salvatore Cuomo & Bar where you could experience the taste of Naples (true Italian taste). The bonus is the waitstaff are all good looking and courteous enough for you to tip them big. I am wishing you could bump into Paul Basset though and tell me about your coffee experience.

Chef Salvatore Cuomo

I had a privilege of meeting World's Pizza Master, Celebrity Chef Salvatore Cuomo at his flagship restaurant Salvatore Cuomo & Bar grand opening on June 2.  I have been following his instagram account last year and was always salivating at his Neapolitan Pizza, pasta and all his star dishes. I got a surprise of my life when I found out he'll open his first flagship restaurant in Bonifacio High Street.

Salvatore Cuomo & Bar interior has high ceilings and exposed pipe for that industrial, millenial feel. I love that it has an open kitchen so you could see what's cooking and happening inside. I love how the chefs busily move around and speaks in Japanese. At that time, they are being trained by a Japanese team from the kitchen, dining, and barista/bar in Salvatore Cuomo Japan, who are currently in Manila to help with the opening.

Caprese di Mozzarella di Bufala php750

We started our meal with Caprese di Mozzarella di Bufala (Buffalo Mozarella Salad). I swear I could eat this dish all day, I love the flavor sweet and slightly salted, it compliments each other. This is my favorite!

Quattro Formaggi Php750. 4 Kinds of Cheese.

Next is the Neapolitan Pizza Quattro Formaggi with 4 Kinds of Cheese, it is best eaten with honey, this one tastes fresh and satisfyingly good, and perfectly baked.

Neapolitan pizza's description should be like this, crust is thin, dry and golden at the center; the edge is thicker, breadier and slightly scorched; the sauce is bubbling, but does not pool in the center; the cheese is melted and strings out as the slice is lifted. This is exactly what I devoured on!

World Champion Winner Pizza "DOC" PhpP820 with Mozzarella, Cherry Tomato and Basil.

D.O.C. (Denominazione Di Origine Controllata), an original pizza creation by Chef Salvatore that uses fully-ripened cherry tomatoes, a luxurious amount of bufala mozzarella, basil and a splash of olive oil layered on a delicate crust. Again,this one tastes great when you pour honey on top of every slice.

They only use bufala mozzarella and tomato sauce to their pizzas that is imported and proprietary to the company.

“We wanted to raise the bar of Italian food in the Philippines. We believe that Salvatore Cuomo would be welcomed by the more discerning diners in Manila who’ve travelled extensively and know what Neapolitan-style Italian cuisine is all about,” said Luigi Vera, managing director.

Tagliere di Affettati, 

This is a plate of traditional Italian cured meats sliced paper thin.

True to his Italian heritage, Salvatore Cuomo is known for his exacting standards in demanding the best raw materials and ingredients for his dishes. During the early stages of construction, Cuomo flew to Manila to check local sources and determine if these would pass his standards.

“Mr. Cuomo is extremely involved in food and menu development, and quite discerning in sourcing ingredients. He also cooked his signature dishes, and showed our local staff how he prepares them to make sure that Manila will be able to present the food as he does it,” said Richie Yang, director.

Indeed, getting the right ingredients is integral to the Salvatore Cuomo experience. All of their pizzas, for instance, only use bufala mozzarella and tomato sauce that is imported and proprietary to the company. They are baked in a custom-made oven shipped from Naples, Italy. The oven uses a combination of local beech wood and imported composite wood that gives the pizza its distinct taste and texture.

Neapolitan-style Fish Soup

Homemade Fettuccine with Scampi in Tomato cream sauce PhpP850 full size

There is of course desserts to wrap up your Neapolitan experience..

Amaretto Panna Cotta with Fresh Mango Sauce Php320

Torta Caprese Chocolate Cake - Php380

Tiramisu served with Pistachio Gelato Php380

Salvatore Cuomo & Bar serves Fresh Fruit Frozen, Tropical,  Martini and Standard Cocktails, Fresh Fruit Shakes for the non alcoholic. 

Coolness Pineapple- fresh pineapple with passionfruits liquer, fresh lime and grenadine syrup

Rooftop Blue Hawaii with Fresh golden pineapple,fresh lime rum, blue curapao

Passionate Rosso-fresh water melon, lemon,cranberry juice/syrup

Exotic Lover -Fresh Mango, Orange, and Mango Juice 

If you’ve ever been to Naples, Italy, you know that their pizza is decisively the best in the world. Yet even with an ostensibly simple recipe – just a handful of fresh ingredients composed of fresh dough, tomatoes, mozzarella di bufala, basil and olive oil – a proper pizza Napoletana is just as hard to get in Manila.

“The ingredients are very important. We want to make sure we get the freshest and the tastiest products available to us. We spend years selecting and choosing, and even creating some of our ingredients to make sure they are the best. It took us maybe three years to get the perfect basil. This makes a big impact on taste and flavor, ensuring that we are able to serve premium quality pizzas and other dishes,” noted Chef Salvatore.

Thus, when the opportunity to bring a taste of true Neapolitan cuisine to Manila came up, Luigi Vera and Richie Yang of Am-Phil Group and their partners wasted no time making sure it will happen. On June 2, premium Italian restaurant Salvatore Cuomo & Bar finally opens its doors to guests, and will occupy an entire 475 square meters of space at the Uptown Parade in Bonifacio Global City.

The restaurant is part of a food empire built by Salvatore Cuomo himself, a celebrated Italian chef, restaurateur and a famous personality hailed as the pioneer of Neapolitan pizza in Japan.

After a hearty meal, Salvatore Cuomo & Bar serves specially imported Paul Bassett coffee. Paul Bassett, Australia’s famous coffee prodigy won the World Barista Championship at the age of 25. Paul Bassett sources coffees of the highest quality and have refined roasting and brewing techniques, which best highlight their intrinsic characteristics.

The Pizza Man and his empire
Having over a hundred restaurants to his name – from casual pizza and pasta restaurants to more premium dining outlets – says a great deal about Salvatore Cuomo and his food.

Described by friends and colleagues as larger-than-life and gregarious, Cuomo was born in Naples, Italy in 1972 by an Italian father and Japanese mother. At the age of 11, he trained himself in his uncle’s pizzeria and later on fine-tuned his trade in the kitchens of some of Naples’ finest pizza restaurants. He gradually learned how to blend the traditional Italian art of cooking with the Japanese art of perfection.

In 1984, he traveled to Japan with his father, who opened an Italian restaurant in Chiba. Japan didn’t appeal to the young Cuomo then, he went back to Italy and spent the next three years studying at a culinary school.  He returned to Japan at the age of 18.

After his father died, Cuomo was left with a bankrupt restaurant with no money and mounting debt. Nevertheless, Cuomo and his brothers made the decision to stay in Japan and subsequently worked in the Japanese service industry to survive.

During those days, Italian cuisine was just starting to get popular and Cuomo saw this as an opportunity to introduce Neapolitan pizza in Japan which nobody was making. The next couple of years were spent understanding the Japanese food mentality and researching the market before opening a new restaurant in Tokyo with what Cuomo calls "Original Neapolitan pizza."

“It was a crazy, crazy place but one of most fun restaurants I ever had. We only did dinner, no lunch, no afternoon, only dinner. You had to book a month in advance and we had queues of 200 people going down the street. We had to choose who could come in and who couldn’t,” said Salvatore Cuomo in one interview.

Needless to say, Cuomo became known as “The Pizza Man” in Japan who catapulted Neapolitan pizza to fame. Shortly after, he started coming out on TV in Japan, making guest appearances in Iron Chef and Iron Chef Japan, hosting a TV cooking program, and writing cookbooks. He also began opening restaurants in key locations across the Nippon archipelago as well as in other countries, including Taiwan, China, Korea, and now in the Philippines. His empire of Salvatore Cuomo Restaurants, Catering Services, Cookbooks and Licensed Products is run by Y’s Table Corporation, owned and operated by Seizaburo Kanayama and Salvatore Cuomo.

“We want to be very transparent. Ten, twenty, thirty years ago, the Asian kitchen was closed and very private.  But we wanted to establish trust with our customers by showing them everything. I used to believe that if I showed people how to make my food, they would copy it. But I realized it is impossible to copy just like that. Our food comes from us being artisans, preparing it to perfection every time. You cannot copy the experience that goes into making that food, it takes years of training. I’m working very hard to educate our guests, but my staff I want to make sure they know about everything that goes into the pizza. For example, how the colour of the tomato affects the taste and how that makes the pizza better or worse,” he explains.

Even the glassware for cocktails were carefully selected, combining both function and whimsy, sure to delight guests. Plating is also very important to them as well. There’s a good number of interestingly designed plates used to serve the dishes, that results in an appetizing and beautiful food presentation.

Nothing is left to chance. Every ingredient in every dish is how it should be. Every detail is of high-quality. That is what makes Salvatore Cuomo, the man and the restaurant, a cut above the rest.
Italian food is best paired with good coffee after a hearty meal.

SALVATORE CUOMO PHILIPPINES
Uptown Parade Mall, 9th Avenue corner 38th St.
Telephone: +632 946-3072, +632 9463073
Facebook: Salvatore Cuomo Philippines
Twitter: @salvatore_cuomo
Instagram: @salvatore_cuomo11
Website: https://salvatorecuomo.com/