Banks urged to toughen cyber security measures
Bangko Sentral ng Pilipinas (BSP) said the Philippine banking system considers cyberattacks as one of its biggest threats with the growing number of aggressive and malicious hackers targeting Banking, Financial Services and Insurance (BFSIs).
As one of the fastest growing economies in the Asia Pacific Region, the Philippines is perceived to be one of the next hotspots for cyber terrorism. Due to these developments, local banks are highly encouraged to boost their technological systems and manpower expertise to ensure their clients and stakeholders the highest level of security and confidentiality in all of their transactions.
"Cyberattacks are getting more and more sophisticated every day. The usual practice is to provide and implement reactive actions by depending on the technologies. However, we would like to emphasize that it is always better to be proactive in anything that involves high stakes security,” shares Angel Redoble, ePLDT Group's Chief Information Security Officer.
As one of the leading investors in research and development for end-to-end cybersecurity solutions in the country, ePLDT recently introduced a more expansive portfolio specifically built to address risks and issues in banking security.
“Threats on cyberattacks have been evolving and becoming more advanced at an alarmingly rapid rate. In this day and age, it is critical for us to get our clients ready and accept that no company nor individual is 100 percent safe from any breach. This means that as business leaders, preparedness means being ready before, during, and after an attack,” says Nerisse Ramos, ePLDT Group’s SVP and Chief Operating Officer.
Providing the most comprehensive suite of cyber security solutions in the Philippines, ePLDT’s offering comes in a complete portfolio that allows customers to predict, prevent, detect and respond to attacks before, during and after they happen.
“ePLDT’s business framework is built from a truly holistic and secure ecosystem. We cover all grounds from cyber security consultation to incident response. Our business framework addresses the most fundamental and critical need of ensuring protection from attacks online—education and empowerment of a technologically competent workforce,” added Ramos.
The PLDT Group has always been at the forefront of helping both consumers and enterprises in safeguarding them against online threats at a crucial time when cyber terrorism, malware, and identity theft are compromising their growth and security.
“To be able to establish and grow a truly sustainable and resilient business, entrepreneurs must be empowered with the most advanced digital solutions and secured by global-class expertise for security, privacy and efficiency specific to their scale, needs and objectives,” added SVP & Head of PLDT & SMART Enterprise Business Groups, Jovy Hernandez.