Experts warn cyber risks threaten PH growing digital economy

As more Filipinos rely on smartphones for banking, shopping, digital payments, and everyday transactions, a new study warns that confidence in online safety is outpacing actual cybersecurity practices, leaving millions vulnerable to scams and financial losses.

Global insurtech company bolttech found that while 96% of Filipinos believe their online habits are “good” or “very good,” only 48% consistently practice strong cyber hygiene, creating a 48-point perception gap which is wider than the Asia-Pacific average of 41%.

The findings come as the Philippines continues to deepen its digital economy, where online banking, e-wallets, e-commerce, and digital financial services have become integral to daily life.

bolttech’s Asia-Pacific Cyber Safety Landscape 2026 study found that 93% of Filipinos have encountered scam attempts, exceeding the regional average of 89%. More alarmingly, 57% have already fallen victim to cybercrime, compared with just 39% across Asia-Pacific.

Nearly three out of four cyber incidents reported by Filipino respondents also resulted in financial losses, underscoring the growing economic cost of online fraud.

“What this shows is that the issue is no longer awareness but the behavior,” said Jemma Delacruz, General Manager of bolttech Philippines.

“Consumers already know cyber risks exist, but protection today still depends too heavily on individuals making the right decisions every time. What’s needed now is a shift towards support that is embedded and seamless, so people are protected as they go about their everyday digital lives,” she said.

The study also revealed that risky online habits remain widespread. Nearly 70% of Filipino consumers reuse passwords across multiple accounts, making it easier for cybercriminals to gain access to several platforms from a single compromised password.

Despite widespread awareness of cyber threats, many users continue to overlook basic cybersecurity practices, exposing themselves to increasingly sophisticated scams and phishing attacks.

The report likewise found that 58% of Filipinos expect someone in their household to become a victim of cybercrime within the next year, reflecting growing concern over the frequency of online fraud.

Across the region, Southeast Asian markets—including the Philippines, Vietnam, Thailand, and Indonesia—reported higher exposure to cybercrime and scam activity than markets such as Japan, South Korea, Singapore, Hong Kong, Taiwan, and Australia.

David Black, Founder and CEO of Blackbox Research, said scams have become an unavoidable challenge across the region’s digital economy.

“Yet even with the vast majority facing scam threats, there is a stark disconnect between public anxiety and personal action, as most consumers declare their own safety protocols are failing to keep pace,” Black said.

The Asia-Pacific Cyber Safety Landscape 2026 surveyed 3,850 consumers across 11 markets to assess online behaviors, experiences, and attitudes toward cyber risks.

The findings highlight a growing challenge for businesses, banks, fintech firms, and digital platforms as the Philippines accelerates its digital transformation. While consumer adoption of digital services continues to rise, cybersecurity awareness must translate into safer online behavior to strengthen trust in the country’s expanding digital economy.