MANILA, Philippines — Philippine banks continue to step up their campaign against cybercrime in support of the efforts of the Bangko Sentral ng Pilipinas (BSP) to strengthen the industry’s resilience to cyberattacks.
The Bankers Association of the Philippines (BAP) launched its online campaign Be Aware, Be Cybersafe to help raise public awareness on cybersecurity amid growing concerns of cyberattackers shifting their focus to the Asia-Pacific region.
BAP president Cezar Consing said the campaign is the group’s way of raising awareness and partnering with the general public to prevent cybercrimes.
“The world is so wired now that cybersecurity is everyone’s concern,” Consing, who is also president and chief executive officer of Ayala-led Bank of the Philippine Islands (BPI), said.
The campaign aims to promote awareness through regular posting of online content about tips and need-to-know concepts, giving the public a better appreciation of cybersecurity.
The association, Consing added, is bullish that the online campaign would help the public become more cyber literate and vigilant.
Breaches in private information systems are one of the main factors that discourage Filipinos from engaging in digital payments.
BAP cybersecurity chairperson Edwin Bautista, president and CEO of Aboitiz-led Union Bank of the Philippines, said the rise of cyber-related crimes shifted the banking industry’s approach to cybersecurity, adding more emphasis on public education.
“Our goal is to build a more vigilant banking community through proper and accessible education. We are optimistic that the Cybersafe campaign will be an important tool to empower our customers and clients to become more conscious before clicking suspicious links online,” Bautista explained.
The BSP said cybersecurity remains one of the biggest threats in the banking industry as they become more sophisticated and pervasive, while costs and possible economic impact of cybercrimes remain high.
The regulator has enjoined banks to participate in the BAP Cybersecurity Incident Database (BAPCID) to strengthen resilience to cyberattacks.
Apart from involving financial institutions in strengthening cyberresilience, the BAP said that engaging the banking public is important in building a more holistic approach to cybersecurity.
The BAP also released three cybersecurity videos in both English and Taglish on phishing, malware and mobile and online banking.
BAP managing director Benjamin Castillo said the online campaign is among the initiatives in the pipeline to strengthen the industry’s cyberresilience.