Close  

SEC asks corporations to boost cybersecurity

03:15 PM June 10, 2020

SEC chair Emilio Aquino

The Securities and Exchange Commission (SEC) urged corporate Philippines to strengthen cybersecurity especially now that coronavirus (COVID-19) lockdown protocols have prompted more and more people to migrate various transactions into the digital space.

In a June 9 notice, the SEC encouraged corporations to assess their exposure to cybersecurity risks and craft the appropriate policies and measures, in light of recent reports of hacking incidents.

ADVERTISEMENT

“Digital transformation benefits businesses, allowing them to improve their productivity and realize greater efficiencies, but not without risks,” SEC chair Emilio Aquino said.

The COVID-19 pandemic has amplified the need for digital technologies, as companies shifted to low-touch and online-only services in response to the stringent social distancing and quarantine measures imposed across the world.

FEATURED STORIES

In the Philippines, digital technologies have allowed some companies to sustain their operations amid stringent quarantine measures. As digital transactions increased, however, reports of phishing or using social engineering to steal one’s log-in credentials, data breaches and other cyberattacks likewise proliferated.

“Cybersecurity is more than an IT matter,” Aquino said. “It is a corporate governance issue that companies should give serious attention to and proactively manage, as cyberattacks could damage their reputation, disrupt their operations, and eventually jeopardize their profitability and enterprise value.”

Read Next
EDITORS' PICK
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Emilio Aquino, SEC, Securities and Exchange Commission
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.