BPI: Cy­ber­se­cu­rity is still a shared re­spon­si­bil­ity

Manila Bulletin - - Front Page -

De­spite huge in­vest­ments in cy­ber­se­cu­rity by many fi­nan­cial in­sti­tu­tions, cy­ber at­tacks and cy­ber fraud can­not be wiped out if con­sumers re­main clue­less and com­pla­cent.

The Bank of the Philip­pine Is­lands (BPI), the first bank in the Philip­pines and South­east Asia, said cy­ber­crim­i­nals like hack­ers and fraud­sters have be­come more so­phis­ti­cated in re­cent years, al­low­ing them to suc­cess­fully mount threats in spite of or­ga­ni­za­tions’ ex­ist­ing de­fense sys­tems.

“The com­pla­cent and care­free at­ti­tude of con­sumers to­ward cy­ber threats makes the is­sue of cy­ber­se­cu­rity among banks more com­pli­cated and dif­fi­cult,” said Ra­mon Joc­son, BPI Head of En­ter­prise Ser­vices Seg­ment.

“Even though more and more in­stances of fraud hap­pen and are re­ported in the news, some peo­ple still tend to think that these things are un­com­mon,” he said.

BPI, who con­tin­ues to be at the fore­front of bank­ing in­no­va­tion, knows about this and so in­vests heav­ily in tech­nol­ogy, par­tic­u­larly on cy­ber­se­cu­rity, to con­tin­u­ally mon­i­tor the banks’ sys­tems to pre­vent or im­me­di­ately ad­dress any cy­ber at­tack.

The whole process is nec­es­sar­ily ex­haus­tive and metic­u­lous, ac­cord­ing to Joc­son.

“We man­age our op­er­a­tional and IT risks by en­sur­ing such risks are thor­oughly iden­ti­fied, as­sessed, mon­i­tored, re­ported, and mit­i­gated. We have de­fined clear re­spon­si­bil­i­ties, meth­ods, and tools to iden­tify and mit­i­gate var­i­ous risks. And we have reg­u­lar self-as­sess­ments to help en­sure the ef­fec­tive­ness of our ap­proach,” he said.

Jonathan John B. Paz, BPI En­ter­prise In­for­ma­tion Se­cu­rity Of­fi­cer and Data Pri­vacy Of­fi­cer, said all this should be com­ple­mented by con­sumers’ ac­tions and the right mind­set as well.

“We con­tin­u­ally strive to get the word out in so­cial and tra­di­tional me­dia on how peo­ple can pro­tect them­selves from fraud. We be­lieve there are hope­ful signs that our ef­forts are mak­ing a dif­fer­ence,” said Paz.

He pointed out that he sees hope when peo­ple show more vig­i­lance and when they rec­og­nize phish­ing emails. He said BPI al­ready gets a lot of tip-offs about fake sites from cus­tomers.

“We see a num­ber of our clients tak­ing it upon them­selves to ed­u­cate oth­ers on­line about the lat­est modus operandi. It is a con­tin­u­ing strug­gle though as the fraud­sters do not let up and con­tinue to in­no­vate them­selves,” he said.

“We would like to see our cus­tomers dili­gently look to us to learn about the lat­est threats to on­line se­cu­rity and ap­ply these ha­bit­u­ally. We ap­pre­ci­ate very much any help in ex­tend­ing these lessons to as many of their friends as our reach can only go so far, and our mes­sage would def­i­nitely carry more weight and ur­gency if these are echoed by peo­ple who they know and trust per­son­ally.”

The com­pla­cent and care-free at­ti­tude of con­sumers to­ward cy­ber threats makes the is­sue of cy­ber­se­cu­rity among banks more com­pli­cated and dif­fi­cult. — Ra­mon Joc­son BPI Head of En­ter­prise Ser­vices Seg­ment

Jonathan John B. Paz, BPI En­ter­prise In­for­ma­tion Se­cu­rity Of­fi­cer and Data Pri­vacy Of­fi­cer

Ra­mon Joc­son, BPI Head of En­ter­prise Ser­vices Seg­ment

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