Fortinet Philippines posts 2-digit revenue spike as demand for cybersecurity services rises

Cybersecurity firm Fortinet Inc. has registered double-digit growth in revenues in the Philippines, driven by increased demand for cybersecurity solutions in line with the shift to work-from-home arrangements due to the COVID-19 pandemic.

According to Fortinet Philippines country manager Mario Luis Castañeda, the firm has onboarded a number of new clients to bring up sales since the local lockdowns started in March.

"In terms of growth, we can't share that at this moment but I would say it's in the high double-digit level," he told reporters at a virtual briefing on Thursday. He declined to provide specific figures.

Founded in 2000, Sunnyvale, California-based Fortinet is in the business of network and content security as well as secure access products.

"I would say the security market is growing because of the pandemic because now companies have to adopt security solutions to make sure that their remote working staff are secure when they access corporation information," said Castañeda.

"At the same time, they have to also upgrade their existing enterprise network infrastructure and that's the reason why a lot of companies are adopting the newer security solutions in the market today and fortunately, Fortinet is able to provide in a number of these enterprises," he added.

Castañeda said among the new clients of the firm are a financial institution and another involved in the food industry.

"We are roughly about 25% market share now in the Philippines. I think it's a significant chunk already of the market. There are a lot of players in the security industry and you know Fortinet in the Philippines has been the market leader for several years now and that we are able to really deliver on what's being required in the market today," he said.

Just last month, local third major telecommunications player Dito Telecommunity Corp. tapped Fortinet as one of its service providers. -MDM, GMA News