At the recently concluded Cybersecurity Month 2023, the Department of Information and Communications Technology (DICT), the DICT Cybersecurity Bureau, and Digital Pilipinas underscored the crucial role of cybersecurity in ensuring consumer protection across industries.
The DICT-led event featured keynote speeches and panel discussions with industry leaders from digital banking, cybersecurity, credit and financing, and insurance.
Digital Pilipinas is a private sector-led movement formed to create an innovation and technology ecosystem for the country.
DICT partners with Digital Pilipinas to strengthen cybersecurity in PH
Ensuring security amid accelerated digital transformation
Dr. Thelma Villamorel, division chief, PECE at the DICT Cybersecurity Bureau, emphasized the role of cybersecurity in underpinning digital progress, stating that it safeguards sectors vital to modern society. The event explored the evolving cybersecurity landscape, innovative solutions, and best practices to protect digital infrastructure, ensure data privacy, and foster trust in the digital era.
Manish Bhai, founder and CEO of UNO Digital Bank, highlighted the need for financial inclusion in the Philippines and acknowledged the role of financial institutions and government regulations in achieving progress.
Data-driven credit scoring
Small and Medium Enterprises (SMEs) are integral to the Philippine economy, and technological advancements like data-driven credit scoring systems, customer data platforms, and intelligent automation are crucial for their success. Aian Guanzon, head of Business Development at Global Dominion Financing, emphasized the importance of accessible, fast, efficient, and low-interest rate loan applications through technology.
Jatinder Handoo, CEO of the Digital Lenders Association of India, stressed the significance of industry associations and government policies in guiding cybersecurity implementation and data protection.
However, technology alone cannot address all industry challenges. Ivan Dianga, director of Sales at Collabera, urged ICT leaders to understand the real-world impact of cyber threats and cybersecurity prevention on operations, citing the alarming statistics of global cyberattacks and their financial losses.
Noel Tordesillas, head of E-channel at Etiqa, recommended comprehensive and ongoing cybersecurity training for employees to reduce cyberthreats and cyberattacks.
The future of cybersecurity and digital lending holds promise, but government regulations and industry stakeholders must remain vigilant. Mary Ruth Oquendo, VP and general manager of Quick Loans Online, highlighted the necessity of digital transformation across all industries to meet evolving market demands for faster and more efficient services.