Cybersecurity landscape: defendíng systems against breaches

Navigating through the digital landscape requires the Philippine banking industry to put up more defenses and preventive measures against cyberattacks, data breaches, and illicit online activities.

- KEISHA TA-ASAN

This is crucial as banks carry the responsibility of protecting customers and their information, securing funds, preventing financial losses, and increasing the public’s trust in the industry.

In an email interview with The STAR, the cybersecurity committee of the Bankers Association of the Philippines (BAP) said even though much work has been done to strengthen cybersecurity, more efforts have to be made.

“Cybersecurity remains one of the top priorities for the entire banking industry as ensuring the safety of the banking public is crucial to ensuring that their trust in the financial system will remain,” the BAP said.

According to data from the Philippine National Police, cybercrime cases climbed by 68.98 percent in 2023 from a year ago.

Majority of the cybercrimes were online scams with 14,030 cases, 94.6 percent higher than the 7,208 incidents in the previous year. The other cybercrimes are identity theft, online threats, data interference, computer-related fraud, love scam, cyber libel, and violence against women and children.

The rising number of cases can be attributed to several factors like the public being more willing to report and ask for help from authorities, the BAP said.