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Kaspersky, a cybersecurity and data privacy solutions provider, has issued a warning about the finance industry remaining a primary target for cyberattacks. Despite the introduction of a cyber resilience framework by the Bangko Sentral ng Pilipinas (BSP), online fraud and data breaches continue to pose significant risks.
According to Kaspersky, the finance sector suffers the most damage from online fraud, with scammers accessing customer data, taking over accounts, and opening fraudulent credit lines. Fraudsters exploit compromised accounts to conduct illegal purchases and launder money, intensifying the risks for both financial institutions and their clients.
“Our data shows cybercriminals actively targeting the Philippines, highlighting the urgent need for robust frameworks to mitigate risks,” Yeo Siang Tiong, general manager for Southeast Asia and Asia Emerging Countries at Kaspersky, said in a media release.
In the second quarter of 2024 alone, Kaspersky detected over 3.6 million cyber threats targeting Philippine users, with 30.2% affected by web-based attacks, underscoring the severity of the situation.
In response to these ongoing threats, BSP launched its 2024-2029 Financial Services Cyber Resilience Plan. The plan focuses on improving incident response, fostering collaboration, and enhancing the cybersecurity culture in the Philippine banking sector. Key initiatives include the development of industry-wide testing and scenario-based playbooks to better prepare for potential cyber incidents.
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