FinTech Alliance Philippines, the country’s largest digital trade organization, has recently entered into a partnership with CYFIRMA, the industry’s first external threat landscape management platform company, to help improve cybersecurity while promoting digital innovation to create growth opportunities and speed up financial inclusion in the Philippines.
Based on the agreement, both parties shall advocate for a security-by-design approach in software development where security practices are applied at the earliest stage of the development life cycle, emphasizing the importance of identifying security vulnerabilities through real-time and continuous monitoring.
CYFIRMA and FinTech Alliance will also work together to uplift cybersecurity readiness among members of the alliance. This includes ensuring that members are equipped with digital risk protection tools to help them stay safe from cyber risks such as phishing and ransomware, as well as data and identity theft.
For its part, CYFIRMA will extend its cyber education mobile application, DeFNCE, to all members of the alliance to increase digital and cyber literacy among the community and address the lack of cybersecurity awareness.
“We are excited to extend our market-leading cybersecurity capabilities, which we have used in service of enterprise customers, to the vibrant FinTech community in the Philippines. We know the unbanked and underbanked have security concerns around digital finance services, particularly around identity theft, scams and fraud. We are honoured to be allowed to use our knowledge of digital risk monitoring and protection to help up-and-coming FinTech firms build ground-breaking products that are cyber-secured and ready to be deployed at scale to serve millions of Filipinos,” said Anna Koh, Chief Marketing Officer of CYFIRMA, in a press statement.
For his part, Lito Villanueva, founding chairman of FinTech Alliance Philippines, said, “Consumer education is also key in cyber defense against identity theft and security breaches. Ensuring our customers’ security, safety, and confidence in digital financial services must be primordial. Stakeholders must strengthen constructive dialogue in cyber and vulnerability intelligence, attack discovery, and increase digital risk protection, among others. Our partnership with CYFIRMA is pivotal in support of this strategic initiative.”
Other collaborations that CYFIRMA and Fintech Alliance Philippines will be looking into include joint training programs with academic institutions and regulatory interaction with government agencies.
The cooperation between these two organizations is intended to help create a robust digital finance ecosystem for cyber threats and digital risk, as well as to set the framework for a sustainable, inclusive, and successful FinTech business.
Rising number of cyberattacks eroding confidence in digital platform use
With the rise of digital banks, open finance, and other financial technology revolutionizing the design, supply, and consumption of financial products and services, the country’s financial landscape is constantly evolving.
The global health pandemic has resulted in an unprecedented spike in online scams, and businesses’ lack of cybersecurity maturity may eventually reverse the gains that have since been made by promoting trust and confidence in the use of digital platforms.
Increased digitization has also put a strain on consumer protection capabilities and resources.
According to the latest report from Statista, a company that focuses on market and consumer data, the number of cyberattacks in the Philippines skyrocketed in the first three months of this year, reaching as high as 1.76 million.
“The pandemic’s disproportionate impact on the poorest and most vulnerable populations along with a lack of cyber-safe habits or knowledge will increase income and wealth disparity,” the report further said.
However, according to a global security index, the country remains ranked 82nd in terms of cybersecurity readiness.