The Department of Finance (DOF) has ordered government financial institutions (GFIs) and other state agencies under it to work together in coming up with a cost-effective defense strategy that will shield their respective systems from potential cybersecurity threats along with other possible risks and data breaches.
Dominguez said in a statement he has instructed the Land Bank of the Philippines (Landbank), United Coconut Planters’ Bank (UCPB) and the Development Bank of the Philippines (DBP); 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, of Internal Revenue and of Customs to enter into their respective memoranda of agreement (MOAs) on a shared cyber defense strategy. The agencies were ordered to create a working group to identify potential cybersecurity threats and cases of cyber fraud that they may encounter, and on determining ways of eliminating or mitigating these risks.
“Investing in cybersecurity is not only a crucial national security concern, but is also indispensable to protecting sensitive citizen information stored in the systems of our GFIs and other state-run institutions,” Dominguez said.
The government is taking a prudent approach to protecting the country’s financial “infostructure,” especially at this time when the digital space has become vulnerable to a wide range of sophisticated cyber attacks and threats, he said.
GFIs such as DBP, UCPB and Landbank will comprise one segment, while the insurance fund agencies and the revenue bureaus under the DOF will be under the two other segments.
Each segmented group will adopt a “shared defense strategy” to make the cybersecurity program cost-effective, Dominguez said. – A. Celis
