MANILA, Philippines — President Rodrigo Duterte’s chief economic manager on Friday vowed to go after the cybercriminals who stole P167 million from state-run United Coconut Planters Bank (UCPB), while ordering government financial institutions (GFI) under his watch to tighten their security measures.
“We are working closely with law enforcement and the Bangko Sentral ng Pilipinas (BSP) to keep GFIs and the banking system safe, secure and reliable. No stone will be left unturned as we investigate this incident and as we strengthen all components of our security systems,” Finance Secretary Carlos G. Dominguez III said, referring to the series of automated teller machine withdrawals and online transfers in June that left UPCB P167 million-poorer.
“We will also see to it that the perpetrators are caught, tried and punished to the fullest extent of the law,” added Dominguez, who as Finance chief also oversees GFIs.
Dominguez said GFIs—which also includes the Development Bank of the Philippines and the Land Bank of the Philippines—had been ordered to “keep their security systems up-to-date and sophisticated.”
“We also assure the public that GFIs are consistently fortifying their cybersecurity systems. Client funds are safe and intact, and we are taking the necessary steps to protect our stakeholders,” Dominguez said.
“GFIs are consistently updating the security of their databases, servers, devices, and software to respond to new threats and vulnerabilities. GFIs are also taking proactive measures to verify vendors and business partners, and limiting third-party access to critical programs. GFIs also have the mechanisms in place to monitor, detect, isolate and eliminate incursions into their cyber systems,” Dominguez added.
Dominguez added state-run lenders were strictly complying with the BSP’s rules on information risks and security. —BEN O. DE VERA