There is no stone unturned on the UCPB cyber theft – Domínguez

The Department of Finance (DOF) assured that law enforcement agencies and the Bangko Sentral ng Pilipinas (BSP) will leave no stone unturned in their investigation into the cyber robbery of the state-run United Coconut Planters Bank (UCPB).

The Secretary of Finance, Carlos G. Domínguez III, said yesterday that they will use the full scope of the law to prosecute those involved in the cyber robbery of P167 million from UCPB.

“No stone will be left unturned as we investigate this incident and strengthen all components of our security systems. We will also make sure that the perpetrators are caught, tried and punished with the full weight of the law, ”Domínguez told reporters.

According to the finance chief, UCPB is now investigating the incident in close coordination with the National Investigation Office and other interested authorities.

“The investigation began in mid-June. UCPB is reviewing and strengthening its security and IT controls. I have instructed our Government Financial Institutions (GFI) to keep their security systems up to date and sophisticated, ”he said.

Domínguez, however, assured that the funds of UCPB clients were not affected by the incident.

“UCPB is a resilient and well-managed institution, registering a net profit of P2.9 billion for the first half of 2020,” Domínguez said.

“We also assure the public that government financial institutions are constantly strengthening their cybersecurity systems. Client funds are safe and intact, and we are taking the necessary steps to protect our shareholders, ”he added.

Domínguez also added that government banks, such as Land Bank of the Philippines and Development Bank of the Philippines, are strictly complying with the BSP Circulars on Information and Security Risks.

“GFIs constantly update the security of their databases, servers, devices and software to respond to new threats and vulnerabilities,” said Domínguez. “GFIs are also taking proactive steps to verify vendors and business partners, and limiting third-party access to critical programs. GFIs also have mechanisms in place to monitor, detect, isolate and eliminate incursions into their cyber systems, ”he added.