Upgrade Policies vs. Cyber Attacks, Palace Tells Banks
Malaca±ang: Malaca±ang on Thursday called on banks to come up with new policies to mitigate cyber fraud and attacks. This, after financial institutions supervised by the Bangko Sentral ng Pilipinas lost PHP5.82 billion from cyberattacks in 2024, higher by 2.6 percent from the recorded PHP5.67 billion worth of losses in 2023. According to Philippines News Agency, Presidential Communications Office Undersecretary and Palace Press Officer Claire Castro emphasized the need to strengthen the financial sector’s cyber resilience during a press briefing. She highlighted the importance of banks revising their internal policies to better address the increasing threat of cyberattacks. Castro also