CLOs Have Their Hands Full
The Asia-Pacific region stands at the forefront of the digital transformation era, poised to capitalize on this favorable climate with cutting-edge technology. As per Meticulous Research's findings, the global Digital Transformation Market, valued at $695.5 billion in 2023, is forecasted to reach $3,144.9 billion by 2030. This represents a compound annual growth rate (CAGR) of 24.1percent from 2024 to 2030. However, this remarkable growth trajectory is accompanied by the challenge of escalating cybersecurity threats. It is anticipated that the global cost of cybercrime will surge from $8.4 trillion in 2022 to in excess of $23 trillion by 2027, necessitating a robust response to safeguard digital advancements.
In the Philippines, organizations turn to digitalization to strengthen their security, improve efficiency, and redefine customer experiences. For obvious reasons, the Philippines Inc. has thicker wallets to strengthen its digital core. On the downside, the Philippines saw 76 million cyberattacks last year, including cyber espionage and circumvention of Windows operating systems. The writing on the wall is clear that corporate legal officers have their hands full with the need to balance between everything from compliance to employee rights and customer rights, and corporate espionage.
As phishing or social engineering attacks, ransomware, and DDoS attacks continue to pose more significant threats to businesses, CLOs are forced to must earmark their focus to aggressively watch the regulatory changes in cyber security management to stay ahead. They need to localize the available options and delve deep into their operational strategies to build effective cybersecurity strategies and solutions within the legal framework.