February 24, 2024

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The Philippines Promotes Cybersecurity Awareness for Financial Sector

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Movement restrictions designed to help the spread of the virus has forced almost everyone online for work, education, health and commerce. With this transition, cybercrime has surged to more than PHP1 billion this year alone as more individuals turn to digital financial transactions. The figure from frauds and unauthorised withdrawals is estimated on BAP members’ reports alone, according to the vice-chair of the Bankers Association of the Philippines’ (BAP) cybersecurity committee at a virtual briefing.

The Bankers Association of the Philippines (BAP) recently launched its Anti-Scam Campaign, a multi-partner information campaign aimed at promoting cybersecurity, cyber-safety, and awareness among Filipino banking customers. The launch coincides with the International Fraud Awareness Week, which emphasises the importance of cybersecurity and cyber education in individuals’ lives all around the world.

In its efforts to raise cybersecurity awareness in the Philippines, the BAP is collaborating with a variety of stakeholders, including social media influencers, government organisations, and the media.

“Cybersecurity is a shared responsibility. With this partnership with KBP, we can keep the public informed and educated on the latest trends and scenarios on cybercrime, considering the growing threats of cybercriminals. They have stepped up their game as they try to take advantage of the rapid online migration of essential activities amid the COVID-19 pandemic,” said BAP President, Wick Veloso.

The BAP and the Kapisanan ng mga Brodkaster ng Pilipinas (KBP) signed a Memorandum of Understanding (MOU) to help promote awareness on cybersecurity and data protection. A Memorandum of Understanding (MOU) will be formed with the Department of Justice (DOJ), with the goal of training cybercrime enforcers and prosecutors in making cybercriminals accountable for their acts. “We believe that this collaboration project will result in a more intensive consumer awareness and education as a strong first line of defence against cyber threats”, the KBP Chairman said.

The Bank Marketing Association of the Philippines (BMAP) will also serve as an official partner in coordinating the execution of the Anti-Scam campaign on social media by BAP’s member banks. In addition, on November 14, the BAP launched the BAP #Cybersafe Facebook page, which aims to improve cybersecurity awareness by encouraging the public to be attentive against all sorts of cyberattacks.

“The Philippines is currently a cybercrime hotspot, underscoring the need to increase awareness and vigilance against the increasing prevalence of cybercrime in the country. The BAP, together with its partners, will work towards equipping Filipinos with the necessary information and tools they need to stop cybercriminals from harming the public and stealing their hard-earned money,” BAP president Wick Veloso said.

OpenGov Asia reported, the Department of Information and Communications Technology’s (DICT) Cybersecurity Bureau had recently announced a National Cyber Drill Exercise that will be taking place, aimed at raising public awareness about cybersecurity and measuring the public’s ability to protect themselves from cyber threats and cyberattacks.

The two-day exercise will involve several activities aimed at assessing and improving the incident response skills of participating organisations and individuals to mitigate cybersecurity threats.

The rapid advancement of information and communication technology (ICT) has affected every way of life dramatically. Critical functions of industries and industrial control systems are becoming increasingly reliant on these technologies. The National Cybersecurity Strategy Framework, developed by the Department of Information and Communications Technology and its affiliated agency, the Cybercrime Investigation and Coordination Center (CICC), adapts to the new paradigm.

The Framework’s implementation will enable the adoption and implementation of Information Security Governance and Risk Management methodologies to be institutionalised. These internationally acknowledged standards will offer the government a rigorous and systematic approach to safeguarding the security of our mission-critical and non-critical information infrastructure. The government will form the National Computer Emergency Reaction Team to improve its capability and capacity for swift response and recovery (NCERT).

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