9 Ways Filipinos can protect their Finances as the Digital Economy soars to $31 Billion
The Philippine digital economy is projected to grow by 20%, reaching a gross merchandise value (GMV) of $31 billion, making it Southeast Asia’s fastest-growing digital economy, according to the latest e-Conomy SEA report by Google, Temasek Holdings, and Bain & Co. However, this rapid expansion also brings a rise in cyber threats, as highlighted by Kaspersky’s latest report.
From July to September 2024 alone, Kaspersky detected over 3.3 million web-based cyber threats in the Philippines, affecting nearly 28.3% of users. As the risks grow, Filipinos must adopt robust cybersecurity practices to secure their finances in the expanding digital economy.
Here are nine practical ways to stay protected:
1. Use Strong, Unique Passwords and a Password Manager
Avoid weak passwords like “123456” or “password.” Instead, create strong, unique passwords for every account. A password manager, such as Kaspersky Password Manager, can generate and securely store passwords for you.
2. Enable Multi-Factor Authentication (MFA)
Add an extra layer of protection by activating MFA for your accounts. This feature requires a second verification step, like a one-time code sent to your phone, reducing the risk of unauthorized access.
3. Stay Alert to Phishing Scams
Be cautious with emails or websites asking for sensitive information. Verify email senders and avoid clicking on suspicious links. Security tools like Kaspersky’s phishing protection can identify and block these scams.
4. Keep Software and Devices Updated
Outdated software can leave vulnerabilities open to hackers. Regularly update your operating system, apps, and antivirus programs to patch any security loopholes.
5. Avoid Public Wi-Fi for Financial Transactions
Public Wi-Fi networks are often unsecured, making them risky for online transactions. When accessing banking apps or shopping online, stick to a secure network or use a VPN for encryption.
6. Monitor Financial Transactions
Regularly check your bank statements for unauthorized charges. Use apps that send alerts for unusual activities, enabling you to respond quickly if something appears suspicious.
7. Educate Yourself on Cybersecurity
Stay informed about the latest cyber threats. Use resources from trusted cybersecurity providers like Kaspersky to learn best practices for staying safe online.
8. Secure Your Mobile Devices
With mobile phones playing a major role in online banking and shopping, securing them is essential. Avoid downloading apps from unknown sources and consider installing mobile security software.
9. Invest in Reliable Security Software
Use trusted security solutions like Kaspersky Next, which provides advanced threat detection and protection features tailored to the evolving digital economy.
Why Kaspersky Next is Essential for Filipinos
Kaspersky Next is a next-generation cybersecurity product line designed to counter today’s sophisticated cyber threats. It offers:
- EDR Foundations for essential endpoint protection.
- EDR Optimum for growing businesses with advanced security needs.
- XDR Expert for handling complex threat environments.
By incorporating robust machine-learning capabilities, Kaspersky Next ensures unparalleled protection against a wide range of cyber threats, allowing Filipinos to transact online with greater confidence.
As the digital economy grows, safeguarding your finances should be a priority. By following these tips and investing in reliable cybersecurity tools, Filipinos can enjoy the opportunities of the digital age without compromising their safety.
