As the proper security tools and competent governance are already in place, the biggest priority of the Philippine banking industry in 2020 is to continue spreading awareness and promoting vigilance against cybersecurity threats.
East West Banking Corp. chief information security officer Joey Regala said fraudsters and attackers would continue to focus on and exploit customers. Frauds such as phishing, vishing (the act of scamming someone over the phone), the use of malware and social engineering cons operate on users letting their guard down and inadvertently surrendering important personal information.
Thus, even if banks have the right safeguards to protect against all sorts of attacks, it might still not be enough to keep customers and clients safe. The most crucial action to take in the new year is to increase information campaigns to further beef up public awareness.
“A threat will always arise when the attacker identifies a vulnerability in a system, process, or application,” said Regala.