With the rapid digitalization and increase in digital payments adoption, the Philippines should look at further strengthening its cybersecurity posture. This, according to South Korean PAM (privileged access management) solution provider, NETAND, during the 1st CyberSecPhil (CSP) Conference 2023.

“Now that the world is slowly ushering in a post-pandemic era, the global market is paying attention to access management solutions since major IT infrastructure systems require thorough control and management of user access and authority,” said Hochul Shin, CEO of NETAND. “It is imperative for the Philippines to fast-track its cybersecurity infrastructure and policies,” 

Shin noted that the rapid digitalization can also be an entry point for cyber threats to evolve, making digital trust a serious concern. Efficient solutions and infrastructure are essential in combating cyber threats and ensuring business survival.

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With the government pushing for financial inclusion with the introduction of digital solutions, security risks and data privacy can also become a concern. 

Cyber threats

NETAND cautioned that security risks may surge as demands for third-party payment (TPP) providers are expected to increase in the coming years. Ensuring that the information security management system is properly screening and protecting the payment methods plays a critical role in maintaining operational security.

“PAM solution is essential as an identity security solution that helps guard organizations against insider threats, cyber-attacks, and compliance risks by monitoring, detecting, and preventing unauthorized privileged access to critical resources,” Shin said.

NETAND demonstrated its flagship product, HIWARE, its knowledge and experience in continuing to assist customers with their identity and access security needs. HIWARE is a solution widely used by financial and government institutions in South Korea to protect information from internal and external security threats such as information leakage.

“We saw firsthand how crucial security is in the Philippines,” Shin said. “Keeping digital information in various business sectors safe and secure from possible cyber threats is the key to a successful leap. NETAND eyes to leverage new IT opportunities for the Philippines through its leading technology and security solutions’.’