Tech giant IBM announced that it is providing security services to the Public Safety Savings and Loan Association Inc. (PSSLAI) to help protect the investments and other financial transactions of its 280,000 members from cyber fraud and Internet-borne criminal operations.
As part of this effort, PSSLAI is leveraging IBM’s Managed Security Services program to support the association’s threat detection and response readiness.
In Asia, cyberattacks continue to increase in the financial sector, as it becomes the most targeted industry by cybercriminals. In fact, the Bankers Association of the Philippines (BAP), as of 2021, reported more than P1 billion was lost due to fraud and unauthorized withdrawals, by BAP members alone.
These trends highlight the growing cybersecurity concern across the country, with a recent IBM Institute for Business Value study revealing that 60% of Philippine CEOs cite cyber risk as the greatest challenge over the next two or three years.
Amid the growing concern and risk, PSSLAI tapped IBM Security for its security solutions and real-time detection and response capabilities. PSSLAI is working with IBM in the design, build, and management of a comprehensive security program, designed to increase its resiliency and security.
IBM’s Managed Security Service program provides insights for PSSLAI to optimize security by introducing advanced methods of security governance in threat, risk, vulnerability management as well as observing better security compliance standards and overall security readiness.
“Early detection and effective incident response are key to reducing impact from cyberattacks and the subsequent cost from both business and consumer loss. PSSLAI is delighted to put all these capabilities in place to secure our consumers’ best interests,” said Warren Herrero, chief information officer of PSSLAI.
“Centralized visibility and intelligent security analytics capabilities can help us proactively detect, investigate and respond to critical cybersecurity threats in a timely manner.”
Aileen Judan-Jiao, president and country general manager of IBM Philippines, said: “PSSLAI senior leadership clearly demonstrates how cybersecurity as a business priority drives real value for its clients.”
She added: “In 2021, IBM Security observed more cyberattacks in Asia than any other region in the world, indicating that businesses in the region, and in the Philippines, must be vigilant and take the necessary measures to increase their cyber preparedness in light of these threats.”
To enhance PSSLAI’s security posture, IBM said it will continuously perform cyber-threat intelligence and adversarial simulation programs. It plans to integrate the companies’ network of security data sources into IBM QRadar Security Information and Event Management (SIEM), allowing them to monitor potential security events across the company within a single pane of glass.
This work will provide PSSLAI with a wider scope of visibility to detect and alert, catch, and neutralize threats that can potentially prey upon its assets both within their networks and from the Web — preventing potential data and system breaches.
