DOF orders formulation of cyber defense strategy

MANILA, Philippines — The Department of Finance has ordered government financial institutions (GFIs), social security institutions, insurance funds and revenue agencies to formulate a joint strategy that will protect them from cybersecurity threats.

In a statement, Finance Secretary Carlos Dominguez said the government seeks to strengthen the cybersecurity of key agencies amid efforts to digitalize government services and processes.

“We are keen on institutionalizing this cybersecurity program. As the Duterte administration fast-tracks its digital transformation initiatives to meet the challenges of the emerging new economy, we must also see to it that we have the capacity to defend our critical systems from cyber attacks from third parties and other possible hazards,” Dominguez said.

“Investing in cybersecurity is not only a crucial national security concern, but is also indispensable to protecting sensitive citizen information stored in the systems of our GFIs and other state-run institutions,” he said.

In line with this, Dominguez had instructed state-run financial firms, pension funds, insurance agencies and revenue agencies to forge an agreement on a shared cyber defense strategy.

These include the Land Bank of the Philippines, United Coconut Planters’ Bank, Development Bank of the Philippines, Insurance Commission, Philippine Health Insurance Corp., Philippine Deposit Insurance Corp., Government Service Insurance System, Social Security System, Bureau of the Treasury, Bureau of Internal Revenue and the Bureau of Customs.

Dominguez said he had also ordered the creation of a working group which will identify potential cybersecurity and cyberfraud threats that these agencies may encounter, and determine ways of eliminating or mitigating these risks.

The finance chief said the government may tap the expertise of the private sector in formulating the cyber defense strategy.

He said the government is also taking a prudent approach in protecting the country’s financial “infostructure,” especially at this time when the digital space has become vulnerable to a wide range of cyberattacks.