DoF Calls For Cost-Effective Cybersecurity Strategy
Finance Secretary Carlos Dominguez III wants government financial institutions (GFIs) and agencies under the Department of Finance to have a cost-effective defense strategy that will shield their respective systems from potential cybersecurity threats especially during times of crises.
Dominguez said in a statement Tuesday that he has instructed GFIs, state-run pension fund and insurance agencies, and the revenue and treasury agencies to enter into their respective memoranda of agreement on a shared cyber defense strategy.
This involves institutions such as the Land Bank of the Philippines, United Coconut Planters’ Bank, and the Development Bank of the Philippines ; the Insurance Commission, Philippine Health Insurance Corp., Philippine Deposit Insurance Corp., Government Service Insurance System and Social Security System ; and the bureaus of the Treasury, Internal Revenue, and Customs.
Earlier, the state-run UCPB was victimized by cyberthieves through withdrawals from automated teller machines and online transfers perpetrated by Nigerian nationals and their local accomplices.
Reports said the bank lost a total of P167 million.
Dominguez said he has also ordered the creation of a working group composed of representatives from these agencies to work on identifying the potential cybersecurity threats and cases of cyber fraud that they may encounter, and on determining ways of eliminating or mitigating these risks.
“We are keen on institutionalizing this cybersecurity program. As the Duterte administration fast-tracks its digital transformation initiatives to meet the challenges of the emerging New Economy, we must also see to it that we have the capacity to defend our critical systems from cyber attacks from third parties and other possible hazards,” Dominguez said.
Dominguez added that the government may tap the expertise of the private sector in coming up with a shared cyber defense strategy covering state institutions and agencies under the DOF.
Dominguez said in a statement Tuesday that he has instructed GFIs, state-run pension fund and insurance agencies, and the revenue and treasury agencies to enter into their respective memoranda of agreement on a shared cyber defense strategy.
This involves institutions such as the Land Bank of the Philippines, United Coconut Planters’ Bank, and the Development Bank of the Philippines ; the Insurance Commission, Philippine Health Insurance Corp., Philippine Deposit Insurance Corp., Government Service Insurance System and Social Security System ; and the bureaus of the Treasury, Internal Revenue, and Customs.
Earlier, the state-run UCPB was victimized by cyberthieves through withdrawals from automated teller machines and online transfers perpetrated by Nigerian nationals and their local accomplices.
Reports said the bank lost a total of P167 million.
Dominguez said he has also ordered the creation of a working group composed of representatives from these agencies to work on identifying the potential cybersecurity threats and cases of cyber fraud that they may encounter, and on determining ways of eliminating or mitigating these risks.
“We are keen on institutionalizing this cybersecurity program. As the Duterte administration fast-tracks its digital transformation initiatives to meet the challenges of the emerging New Economy, we must also see to it that we have the capacity to defend our critical systems from cyber attacks from third parties and other possible hazards,” Dominguez said.
Dominguez added that the government may tap the expertise of the private sector in coming up with a shared cyber defense strategy covering state institutions and agencies under the DOF.
