Cybercrime Experts Appeal for Industry Collaboration in the Face of Rising Cybercrime

Staff ni Anjie
Recent disturbing developments reveal that even mighty, long-established firms like Domestic Systemically Important Banks (DSIBs) are not immune to hacking and data breaches, which may cost these companies a lot of money and harm their reputation. In March of this year, Philippine industry organizations predicted that if the attacks continue unchecked, the economy's negative consequences might reach $10.5 trillion per year by 2025. A solid collaborative cyber defense among industry actors, including but not limited to government authorities, banks, fintechs, industry groups, and consumer-driven communities, can show to be a significant deterrent to lessen these cybercrimes.

Cybercrime Experts Appeal for Industry Collaboration in the Face of Rising Cybercrime
Top L-R: Amor Maclang, Executive Director and Trustee, Fintech Philippines Association; Mon Liboro, former Commissioner of the National Privacy Commission; and Atty. Arvin Razon, Director of Legal Compliance and Regulatory Affairs of Brankas; Bottom L-R: Art Samaniego, Cyber Security Advocate and Technology Editor of Manila Bulletin; and Nichel Gaba, CEO, and Founder of PDAX

Former National Privacy Commission (NPC) Commissioner Raymund Liboro provided a severe assessment of the scenario facing banks and other financial institutions in terms of cyber-attacks: "Highly technological heists and systematic attacks exploit vulnerabilities in human people and banking systems." It's not an issue of whether or not a breach will occur, but rather when." At the same time, he insists that "cybercrime is a man-made problem that can be avoided and mitigated." The NPC has a flexible regulatory framework that helps [organizations] protect their data privacy by providing sound guidance, involving stakeholders, and limiting risk." The essential issues around cybersecurity and data protection were highlighted at the recent webinar, "Cybercrime: a Collective Defense," hosted by MB Tech News, the premier news site covering the latest technological advances. The conversation was conducted by Art Samaniego, a cyber security advocate and the Technology Editor of the Manila Bulletin. Digital Pilipinas, a movement aimed at addressing long-standing socio-economic challenges through technological adoption, and Fintech Philippines Association, the leading independent industry association representing the interests and growth of the fintech community in the Philippines, were also present at the webinar.

Also Read: Secuna has teamed up with Ph Coding Camp to provide ethical hacking training

Digital Pilipinas Convenor Amor Maclang also pointed out that good cybersecurity, which can safeguard the business sector from hackers who like to join in groups, is no longer a solo effort. "One thing is certain: we will be stronger if we work together," she remarked. We will learn and change much more quickly if we share our security concerns. When one of us is a victim of cybercrime, we are all victims. "Collaboration, not rivalry, is the key to collective security."

"The White Hat Hackers—-" referring to cybersecurity professionals who use the methods of online terrorists to find flaws in a company system and then fix them—-"advocates of Open Finance, the academe, and media," Maclang said of the financial system's "new allies" once its players begin conducting counter-cybercriminal dialogues.

Arvin Razon, Director of Legal Compliance and Regulatory Affairs at Open Finance Technology Company Brankas, thinks that the growing challenges posed by cybercriminals necessitate an open environment where industry players and their partners can discuss issues and collaborate on solutions. "We can all adapt rapidly and work together to patch gaps in the system that cyber thieves can exploit," he said. In the field of data protection, we must promote interoperability and collaborative collaborations."

"Businesses employ technologies to talk to each other using a common language," Razon added, recommending Open Finance as a means to kickstart these industry talks. Banking has become much easier thanks to technological advancements. We must collaborate because we are more connected than ever."

Nichel Gaba, the CEO and Founder of PDAX, a local cryptocurrency exchange, described how emerging technology might help to increase market transparency and keep fraudsters at bay. "We now have the technology to make [financial] products considerably more accessible," he remarked. The use of cryptocurrencies and blockchain technology is critical in making these products more accessible and secure." Open Banking and Open Finance are two fintech technologies that can help ensure that "financial institutions have a consistent security measure."

All of the panelists agreed that the industry needs to step up its cybersecurity efforts to safeguard themselves and their customers, who have a lot of valuable data that identity thieves and other digital intruders want. "Cybersecurity and cyber defense is a whole-of-nation, whole-of-society concern," Maclang said at the end of the webinar, capturing the seriousness of the matter. Can we survive their attacks as individuals if black hackers work in groups? However, sharing security concerns will allow us to quickly learn and respond. We will never be finished when it comes to security since the world is changing at a breakneck pace. We have to recognize that we won't be able to do it on our own."

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