DBP signs an agreement with CICC to improve cyber resiliency
MANILA, Philippines โ According to a top official, the state-owned Development Bank of the Philippines (DBP) has signed a memorandum of understanding with the Cybercrime Investigation and Coordinating Center (CICC) to further strengthen the bank’s cybersecurity defenses and capacity to defend critical system infrastructure.
DBP president and CEO Emmanuel Herbosa said CICC would provide the essential technical skills and help to DBP in developing the bank’s cybersecurity plan and ensuring its compatibility with internationally accepted standards and protocols as part of the national cybersecurity plan.
“DBP recognizes that cybersecurity is not only a critical concern but also a must for safeguarding stakeholder data and information housed in our system,” Herbosa added.
DBP is the country’s fifth-largest bank by assets, with a branch network of 131 branches and 12 branch-lite units. Infrastructure and logistics, micro, small and medium enterprises, the environment, social services, and community development are among the four strategic sectors for which it provides financing support.
The Cybercrime Prevention Act of 2012, or Republic Act 10175, established the CICC as an affiliated agency of the Department of Information and Communications Technology. It is in charge of drafting the Philippines’ national cybersecurity plan, forming the national computer emergency response team, and facilitating international intelligence collaboration on cybersecurity issues.
DBP and CICC will collaborate on institutionalizing cyber policies to pave the path for the adaptation of necessary technologies to secure DBP’s data, endpoints, and critical infrastructures, according to Herbosa.
He added that the agreement includes monitoring the bank’s compliance in order to prevent cyber dangers, and that “CICC will assist DBP in coordinating with competent agencies in the event of cybercrime occurrencesโฆ”
“We look forward to this collaboration with CICC as we continue to build up DBP’s capability on cybercrime prevention and suppression to give our clients and partners a cybercafe banking experience,” DBP director and chair of the bank’s board-level IT governance committee Dante Liban said.
The Department of Finance instructed all government financial institutions under its administrative control to improve their cybersecurity defensive systems in December, citing a projected increase in cybercrime as a result of the increased usage of digital transactions.
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