The Bankers Association of the Philippines (BAP) has launched its Anti-Scam Campaign, a wide-ranging information campaign undertaken with various partners that aims to promote cybersecurity, cybersafety, and awareness among the Filipino banking public.
The Philippines ranks high as the fourth country in Asean targeted by ransomware attackers while remaining at a low 82nd when it comes to cybersecurity readiness.
Attackers are using the apps to steal money from people who believe they have installed a financial trading, banking, or cryptocurrency app from a well-known and trusted organization.
The cybersecurity skills gap also continues to be a problem for businesses in the Philippines. Nearly 45% of local businesses have said that lack of cybersecurity skills is challenging for their organization.
Under the proposed rules, a regulated entity must create a management group called the Information Security Group (InfoSec Group), separate from its existing Information Technology Group, and appoint a Chief Information Security Officer.
Online crimes and threats were prevalent during the earlier days of the community quarantine but these were sufficiently addressed by local banks and other financial institutions, the Bangko Sentral ng Pilipinas (BSP) said.
Sen. Risa Hontiveros has called on the Commission on Audit to review the Department of National Defense's (DND) 2020 spending on cybersecurity in light of the agency's proposed P500-million fund for the same category in 2021.
BPI chief operating officer Ramon Jocson said that most of the attacks are perpetrated by Filipino syndicates that have been taking advantage of the current global health crisis.
