Cybersecurity's Critical Role in Philippine Finance

Written By Aizat Sultan

The Manila Post | 24th November 2024

The banking sector plays a crucial role in any country's economy, making cybersecurity a priority focus, especially as financial institutions in the Philippines drive toward digital transformation.

As the Philippines pushes toward a "cash-lite" economy, the financial services sector faces a growing threat of cyberattacks, including ransomware incidents, phishing scams, and evolving tactics from cybercriminals.

In 2023 alone, ransomware attacks surged, with a Fortinet survey revealing that 56 percent of Philippine organizations saw at least a two-fold increase in incidents compared to 2022, and Kaspersky detected and blocked 15,312 ransomware cases targeting businesses in the country. But a question looms — are financial institutions in the Philippines prepared to defend against these evolving threats?

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