Boost Workplace Cybersecurity: Insights from Philippine Bankers

In an era where technological advancements are transforming the way we work, the Philippines, known as the world's social media capital, faces the daunting challenge of combating cybercrimes. As criminals adapt to new defenses, staying ahead in the cybersecurity game has become imperative for individuals and organizations alike. A recent article by Ian Nicolas P. Cigaral in the Philippine Daily Inquirer sheds light on the alarming rise of cybercrimes in the country, emphasizing the need for robust cybersecurity measures.

The Police Anti-Cybercrime Group reported a staggering 19,884 cybercrimes in the previous year, prompting local law enforcement to issue warnings about the shift towards internet-based schemes. This poses a significant threat to businesses, as falling victim to cybercriminals can result in financial losses and reputational damage.

According to a survey conducted by Statista, business interruption and data loss were the primary impacts of cyber incidents on Philippine businesses in 2022. Shockingly, 24 percent of respondents admitted to paying ransom to cybercriminals. In such a landscape, it's crucial for individuals and organizations to fortify their cybersecurity defences.

The Bankers Association of the Philippines (BAP) offers valuable insights on how employees and companies can enhance their cyber hygiene to mitigate risks.

Protecting Files: The importance of backup files becomes evident only after a data loss incident. BAP emphasizes the need for regular backups using methods like hard drives or the cloud. Encrypting files adds an extra layer of security, and a strong password, incorporating a mix of characters, can thwart unauthorized access.

Caution on Devices and Messaging Apps: BAP advises against using office devices for personal purposes to prevent compromising both personal and company information in case of a data breach. Employees are encouraged to stay vigilant while switching between personal and business devices. Using a virtual private network (VPN), avoiding public Wi-Fi hotspots, and updating software are suggested cybersecurity measures. Additionally, BAP recommends using trusted messaging apps with built-in encryption tools for enhanced privacy.

Keep Learning: Continuous learning is paramount in the ever-evolving landscape of cybersecurity. BAP advocates for ongoing cybersecurity training for workers, emphasizing the importance of staying informed about the latest cybersecurity software and programs. Regular updates ensure that employees can effectively safeguard their work data against evolving cyber threats.

The Role of Managed Security Service Providers (MSSPs) and AI: In the face of rising cyber threats, partnering with MSSPs like Directpath Global Technologies (DGT) can provide organizations with a proactive defence strategy. DGT offers a suite of services, including Mobile Threat Defence (MTD), Extended Detection and Response (XDR), Vulnerability Assessment and Penetration Testing (VAPT), SOC2 compliance, Vulnerability Risk Management as a Service (VRMaaS), Web Application Firewall (WAF), and virtual Chief Information Security Officer (vCISO). DGT's advanced Artificial Intelligence Division tailors services not just for cybersecurity but also for various operational aspects, offering a holistic approach to organizational security.

As we navigate the intricate landscape of cybersecurity, adopting a proactive stance is paramount. The insights from the Bankers Association of the Philippines serve as a foundation for individuals and businesses to strengthen their cyber defences. Additionally, leveraging the expertise of MSSPs like DGT and incorporating advanced AI technologies can provide a robust shield against the evolving threat landscape. Stay informed, stay vigilant, and stay secure.