Government Agencies and Financial Institutions Urged to Strengthen Cybersecurity

The Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) has been urged by Finance Secretary Carlos Dominguez to be vigilant against hacking and other cybercrimes as cases continue to rise which directly affect financial consumers. Dominguez noted that the two main tax agencies of the government should ensure that their cybersecurity systems and measure remain updated and effective.

The push follows the recent hacking incidents that targeted two private banks as well as one government-owned bank, evidence that cyber threats are becoming more and more prominent. As the global pandemic drags on, Filipinos continue to turn to online transactions in an effort to minimize face-to-face interactions.

State-run Landbank of the Philippines, which was among the victims, had already released a statement noting that the devices of teachers were simply hacked based on initial investigations. It further affirms that its systems are secure against all forms of hacking. Nonetheless, Finance Undersecretary Antonette Tionko maintains that the digitalization and modernization programs of the BIR and BOC cover the much-needed increase in cybersecurity.

“Please make sure that that’s up to date because apparently, it’s getting more and more prevalent,” Dominguez reminded Tiokno, who is also the head of the Department of Finance’s (DOF) Revenue Operations Group (ROG). The Finance Secretary had already been adamant about the digitalization of the DOF and its attached agencies, even prior to the outbreak of the global pandemic, to improve revenue collections and their services to the public.

Along with the agencies under the DOF, Dominguez also called on government financial institutions (GFIs) to participate in the creation of a cost-effective defense strategy that will safeguard their systems from cybersecurity threats. GFIs, state-run pension funds and insurance agencies, and the revenue and treasury agencies were all instructed to enter into respective memoranda of agreement (MOAs) regarding the shared defense strategy.

Source: Manila Bulletin