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Government financial institutions (GFIs) and other Department of Finance (DoF) agencies were directed to collectively craft a cost-effective defense strategy that would protect their respective systems from potential cybersecurity threats.
In a statement on Tuesday, the Finance department said its boss Carlos Domínguez 3rd had instructed GFIs, state pension funds and insurance agencies, and revenue and treasury agencies to sign their respective agreements on a strategy. shared cyber defense.
These are institutions such as the Land Bank of the Philippines, the United Coconut Planters’ Bank and the Development Bank of the Philippines; the Insurance Commission, the Philippine Health Insurance Corporation, the Philippine Deposit Insurance Corporation, the Government Services Insurance System and the Social Security System; and the offices of the Treasury, Internal Revenue and Customs.
Domínguez also ordered the creation of a working group made up of representatives of these agencies to work on identifying possible cybersecurity threats and cyber fraud cases that they may encounter, and determining ways to eliminate or mitigate these risks.
“We are interested in institutionalizing this cybersecurity program. As Duterte’s management accelerates its digital transformation initiatives to meet the challenges of the new emerging economy, we must also ensure that we have the ability to defend our critical systems from third-party cyberattacks and other potential dangers, ”he said. .
The finance chief added that the government could draw on the experience of the private sector to develop a shared cyber defense strategy that covers state institutions and agencies in his department.
“Investing in cybersecurity is not only a crucial national security concern, it is also indispensable to protect the confidential information of citizens stored in the systems of our GFIs and other state institutions,” Domínguez said.
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