Department of Finance (DOF) secretary Carlos Dominguez III has directed the country’s main revenue-generating agencies — the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) — to fortify their respective systems against hacking and other cyber threats as he expressed concern over the increasing number of scams perpetrated online against financial consumers.
As a result, cybersecurity now tops corporate priorities, with 93% of organizations in the Philippines saying that cybersecurity is extremely important or more important than before the pandemic.
The study showed that on average just 50 percent of the alerts received are investigated by companies in Philippines. Of those investigated, on average, only 30 percent turn out to be legitimate, of which only 51 percent are acted upon and corrected.
