Government encourages cyber security firms to go global

Department for International Trade (DIT) with the Bankers Association of the Philippines held a Cyber Security Forum to discuss online security in the country.

The strategic relevance of the region, including the Philippines, makes it a prime target for cyberattacks. The growth in trade, capital flows, and cyber linkages between the Philippines and other countries implies that its cyber threat landscape will become even more complex in the future, further escalating its cybersecurity vulnerabilities.

Mr Ramon L Jocson, vice-chairman of the BAP Cyber Security Committee talked about the cyber threats that Philippine banks and financial intermediaries are facing including ransomware and supply chain attacks, but also shared BAP’s initiatives and collaboration with Government and public agencies to address cyber issues.

The National Cyber Security Centre (NCSC), UK’s think tank and implementer of cyber strategies and programmes shared how the organisation plays its role in supporting the Financial Services Sector and presented its 2022 National Cyber Strategy, underscoring the Government’s security plans.

NCSC also explained how they help realise the vision of cyberspace as a reliable and resilient place for people and business to flourish.

To demonstrate the UK’s capabilities and cyber security solutions, three companies presented their technologies during the forum and explained how they can further support the Philippines in becoming cyber-resilient.

To date, many UK tech companies are already working with Philippine partners and clients, but there are still many opportunities for collaboration, particularly on cyber security.