Banks must beef up cyber resilience as financial phishing attacks increase

PHILIPPINE BANKS should improve their cybersecurity posture amid a rise in phishing attacks targeting the industry as more Filipinos shift to online transactions, global cybersecurity firm Kaspersky said.

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“Banks must view phishing as a strategic risk. It’s not just about blocking suspicious emails anymore, it’s about building cybersecurity awareness across all levels of the organization and hardening digital infrastructure against deception,” Sam Yan, head of Sales for Asia Emerging Countries at Kaspersky, said in a statement.

“Cybercriminals are adapting fast, but so can we. Through proactive investment in cybersecurity technologies and a culture of digital vigilance, Philippine institutions can stay one step ahead,” Mr. Yan said.

Last year, Kaspersky said it blocked over 10.7 million phishing attempts worldwide linked to financial scams involving cryptocurrency, an 83% jump from the 2023 figure.

In the Philippines alone, around 38,370 of these blocked attacks targeted financial institutions, it said.