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Fake news can inflict financial damage on businesses —Trend Micro

Apart from damaging reputations, fake news—or maliciously false information—can inflict financial damage on businesses, according cyber security firm Trend Micro Inc.

"It's not just reputation, fake news can also cause financial damages to businesses," Paul Oliveria, technical communications lead at Trend Micro, told GMA News Online on the sidelines a forum in Makati City on Thursday.

Fake news has been a hot topic in the Philippines. The Senate even conducted an investigation on the matter.

With the proliferation of fake news across the globe, Trend Micro treats the phenomenon as a form of cyber attack or "cyberproganda."

Oliveria cited a case in China when false reports claimed in August 2016 that an insurance fund would be delisted from the Shanghai Stock Exchange.

The likely scenario was panic selling the in the fund, he said.

"We don't have insights or visibility on the actual impact for this particular entity. Do note though that this was a time when stock markets in China were having some challenges," he said.

Fortunately, cases of fake news targeting enterprises in the Philippines are not yet happening. "Sa Philippines, we haven't seen anything yet. So far, we don't have anything to that extent," Oliveria said. — VDS, GMA News