Cybersecurity is one of the biggest threats that the Philippine banking system must confront this year as malicious hackers from here and overseas become more aggressive and attacks become more damaging, the Bangko Sentral ng Pilipinas said.
To address this, local banks must allocate more resources to boost not only their technical capabilities, but also to ensure that they have the right technical people who can secure internal systems and reassure clients who are increasingly sensitive about the security of their transactions.
“Cybersecurity is a big fear for everyone, BSP included,” BSP Governor Nestor Espenilla Jr. said in an interview with the Inquirer. “I’ve been talking to other regulators about it, and it’s high on the agenda. The level of concern for cybersecurity is very high, but it’s hard to stop because it’s a technology play.”
Regulators and industry leaders recently acknowledged the rising threat of cybercrime, whether perpetrated by nation states or individual hackers who do it for profit for merely as a hobby.
BUSINESS
BUSINESS
BUSINESS
According to Espenilla, a key element of improving the posture of the local financial system is changing the mindset of the local population regarding the vulnerability of bank computers to hackers. In particular, he said both bankers and their clients must discard the mindset that the financial system is impenetrable to malicious elements.
“We may have created a fortress, but the raiders do nothing but try to find cracks in that fortress, day in and day out,” he said. “They will be able to find vulnerabilities, one way or the other.”
