QUEZON CITY, May 19 (PIA) — Banks in the country have recognized the need to integrate technology in achieving business objectives according to the Philippine Banking Sector Outlook Survey published by the Bangko Sentral ng Pilipinas (BSP).The respondent banks disclosed that they will.
With the rise in local digital money transactions during the pandemic, it’s crucial for the financial sector to integrate security and improve their threat intelligence capabilities, according to cybersecurity company Kaspersky.
“For the large majority of cybercriminals, easy money is the prime motivator. And the financial sector is uniquely positioned to be a target of attacks regardless of season because it’s always where the money is. The growth of digital financial services in the Philippines, like in other parts of the region, is creating new and heightened risks for both service users and service providers. In this case, technology will be the game-changer,” said Yeo Siang Tiong, General Manager for Southeast Asia, Kaspersky.