The Bankers Association of the Philippines (BAP) has taken aggressive measures to strengthen the nation’s banking industry at a time when cyberattacks and digital threats are major concerns for financial institutions. Joining forces with the world’s largest technology company, Cisco, the BAP has initiated a strategic alliance with the goal of improving cybersecurity expertise in the sector. This partnership is a turning point in the financial history of the Philippine banks, indicating a deliberate attempt to strengthen defenses against emerging cyber threats and preserve the integrity of the country’s banking system.
State of Philippine Banks and Cybersecurity
Cisco has launched a ground-breaking program under its Country Digital Acceleration Program to improve cybersecurity standards in the Philippines’ commercial banking industry. This strategic initiative, called UGNAYAN 2030, is a joint venture between Cisco and the Bankers Association of the Philippines (BAP) with the objective of strengthening the industry’s defenses against cyberattacks.
UGNAYAN 2030 Program
Banking personnel from 13 top financial institutions have completed extensive cybersecurity training through the UGNAYAN 2030 program, which was coordinated by Cisco’s Networking Academy. This customized program gives participants the cutting-edge knowledge and abilities needed to protect vital financial infrastructure in an increasingly digital environment. It is designed to address the particular difficulties that the banking industry faces.
Cutting-edge Technologies for Philippine Banks
Through a series of thoughtfully crafted courses, participants delve into the subtleties of cybersecurity, from threat assessment and prevention to responding to incidents and managing risk. Banking personnel may proactively identify, assess, and handle potential risks inside their organizations by leveraging Cisco’s revolutionary technology and superior capabilities.
Enhancing the Development of Cybersecurity in Philippine Banks
The UGNAYAN 2030 program is more than just a training program; it is a critical step in developing a collaborative and knowledge-sharing culture within the banking industry. Along with gaining useful technical skills, participants also make priceless relationships with peers and industry experts that help facilitate the sharing of best practices and new developments in cybersecurity.
Digitization of Philippine Banks
Unquestionably, a new era of efficiency and ease has been brought about by the banking industry’s increasing digitalization, as well as that of many other industries. But there are also previously unheard-of difficulties as a result of this digital revolution, notably in the field of cybersecurity.
According to recent statistics from the Philippines Cybercrime Investigation and Coordinating Center (CICC), a startling 85% of security leaders in the country believe that cybersecurity incidents will likely impair their enterprises in the upcoming year due to the growing threat of cybercrime.
Figures of Threats to Cybersecurity among Philippine Banks
Based on statistical data, it is evident that cyber threats are becoming more and more prevalent. Between 2022 and 2023, cybercrimes increased by 152%, while online scams tripled. There is no better time to strengthen cybersecurity measures, as financial institutions are becoming more and more of a target for cybercriminals.
It is evident that there is a pressing need to improve cybersecurity readiness in the banking industry, and banking staff should receive enough education, awareness, and training. This need is well-stated by Zaza Soriano-Nicart, Managing Director of Cisco Philippines, who says, “As cyber threats continue to escalate, so does the need for advancing and expanding our cybersecurity workforce.”
Response to Challenges
As a result of these difficulties, Cisco and the Bankers Association of the Philippines (BAP) have joined forces to meet the rising need for cybersecurity training and education. Cisco is dedicated to providing banking professionals with the necessary training and tools to securely traverse the digital future, including programs like UGNAYAN 2030.
Cisco and BAP’s relationship demonstrates a common commitment to improving cybersecurity resilience in the financial services industry. The effort intends to enable people to proactively identify and mitigate possible attacks, protecting vital financial infrastructure and consumer data by giving banking workers access to thorough cybersecurity training.
Collaboration of CISCO and BAP
In the battle against cybercrime, the partnership between Cisco and BAP provides a ray of hope as threats change and cybersecurity concerns get more intricate. The Philippines’ banking industry is prepared to take on new challenges head-on by investing in the training of staff with the necessary cybersecurity skills and expertise, assuring a safe and reliable digital future for all parties.
Program Collaborations
The introduction of the “Cisco-BAP Cybersecurity Skills Training Program for the Next Generation Banker” represents a major advancement in the banking industry’s efforts to strengthen cybersecurity. This effort, which was developed in collaboration with Mapua University, is evidence of the financial industry’s proactive approach to mitigating the growing cyber dangers that they face in the modern day.
Through the use of a variety of delivery methods, including self-paced modules, live sessions, and virtual classes hosted on Webex, the program ensures that learners may access and utilize it at their own pace. This calculated move emphasizes a dedication to flexibility, acknowledging the dynamic character of cybersecurity education in the digital era.
Goals for Cybersecurity
The program’s main goal is to give banking professionals a thorough toolkit of security standards and best practices so they can protect their companies from an increasing number of cyberattacks. The effort strengthens individual institutions and fortifies the industry’s collective resilience against hostile actors by developing a cohort of qualified cybersecurity practitioners.
The development of a strong cybersecurity talent pipeline is essential to the program’s goal of filling skill shortages and satisfying member banks’ growing demand. Participants can choose from two different courses based on their organizational function and level of competence. These pathways are designed to suit a wide range of roles and responsibilities.
The B2B Landscape and Cybersecurity
No matter what department or role individuals and entrepreneurs oversee, the Beginners Program is an excellent starting point for business owners to learn about cybersecurity. With classes covering fundamental subjects, including Introduction to Cybersecurity and Cybersecurity Essentials, this track equips learners with the skills they need to traverse the complexities of cyber defense confidently.
Managers who are deeply rooted in technical responsibilities in cybersecurity or technology, on the other hand, are directed toward the Specialized Program. This advanced route offers extensive courses covering CyberOps Associate, Cloud Security, and Network Security, delving deeply into technical subtleties. Additionally, to ensure a comprehensive understanding of cybersecurity principles, participants in this track are advised to augment their learning with courses from the Beginners Program.
Protecting Consumer Data and Privacy in the Digital Era
One of the top priorities for banks and other financial institutions is safeguarding customer information and privacy. It’s more important than ever to protect sensitive data from the growing number of cyber dangers that are likely to arise. The seriousness of the situation is emphasized by Benjamin P. Castillo, Managing Director of the Bankers Association of the Philippines (BAP), who also highlights the necessity of strong cybersecurity measures to uphold consumer confidence.
Maintaining Trust and Confidence
It is impossible to overestimate the importance of keeping customers’ trust and confidence beyond the urgent need to safeguard institutional assets. Given the prevalence of data breaches and privacy violations in the media these days, customers are becoming more skeptical of the security protocols of the companies they deal with regarding their financial information. Banks and other financial organizations show their dedication to protecting consumer data and maintaining the highest standards of privacy and security by funding cybersecurity education and training.
Combining the knowledge and resources of both companies to tackle the constantly changing issues of the digital world, the partnership between BAP and Cisco is an excellent example of a collaborative approach to cybersecurity and Philippine Banks. The effort seeks to strengthen cybersecurity resilience in the banking sector by presenting best practices, exchanging insights, and utilizing innovative technology. This will ultimately improve the sector’s capacity to resist and counteract cyberattacks.
Preserving customer information and privacy is still a major concern for banks and other financial organizations as the digital age progresses. The collaboration between Cisco and banking professionals strengthens Philippine banks’ defenses against cyberattacks and bolsters consumers’ faith in the soundness of the financial system by providing banking personnel with robust cybersecurity training.
