PH banks tap Cisco to bolster cybersecurity skills

MANILA, Philippines — American multinational technology firm Cisco has partnered with the Bankers Association of the Philippines (BAP) to provide cybersecurity training to local industry professionals.

Through Cisco’s digital acceleration campaign dubbed Ugnayan 2030, banking professionals from across 13 of the country’s leading banks completed courses under the training program developed by Cisco Networking Academy.

“As cyber threats continue to escalate, so does the need for advancing and expanding our cybersecurity workforce,” Cisco Philippines managing director Zaza Soriano-Nicart said in a statement.

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“At Cisco, we recognize the urgency of this demand and remain committed to empowering those in the financial services sector with the knowledge and skills to securely navigate the digital landscape and improve cybersecurity resilience,” Nicart added.

Protecting consumer data, privacy

In a follow-up interview with the Inquirer, Nicart said there would be more rounds of training for local banking professionals in the future, with the next batch scheduled this coming April.

For his part, BAP managing director Benjamin P. Castillo highlighted the significant role of banks and financial institutions in protecting consumer data and privacy in today’s digital era.

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“This partnership with Cisco enables us to provide them with strong cybersecurity skills, to not only safeguard institutions in the Philippines but also maintain the trust and confidence of customers,” Castillo added.

According to Cisco, the shift to digital for the banking sector and many others has rapidly expanded the threat landscape, with eight out of 10 security leaders in the Philippines believing that cybersecurity incidents are likely to disrupt their businesses over the next year.

The technology firm also cited data from the Philippines’ Cybercrime Investigation and Coordinating Center which indicates that cybercrimes increased by 152 percent in 2023 on an annual basis, while online scams tripled in the same time frame.