Why some banks in the Philippines will never be secured?

Bank Fraud

There is no doubt that Philippine banks are very vulnerable to cyber-attacks, leaving thousands of its customers vulnerable to financial losses. But why are these banks so recklessly insecure? Why do they neglect to report and address the reported bugs and problems in their system? And why do they spend more time sending attorney’s letters to victims who report problems instead of actually fixing the problem?

Palo Alto Cybsec Report
Palo Alto Networks’ releases State of Cybersecurity in ASEAN, we can see from the data that Fintech is the most vulnerable. We can also see that board level discussion when it comes to cybersecurity is considered to be low.

This negligence towards security can be seen in the recent widespread account hacks that happened in the Philippines. Instead of immediately conducting risk-based audits to ensure security, the bank’s marketing team sent out press releases and launched campaigns to attack those who reported the hacks. Shockingly, instead of properly addressing the security flaws, many banks decided to spend more money on sending attorney’s letters, attacking those who report the hacks, and doing damage control instead of addressing the root of the security problem.

It’s disheartening to see that many Philippine banks are not taking the necessary steps to ensure the safety and security of their customers. No one should ever have to worry about their accounts being hacked and their money stolen. It’s time for Philippine banks to step up and take the security of their customers seriously.

It’s time to demand that these Philippine banks start investing in the security of their customers. They should be conducting regular risk-based audits and making sure their systems are up to date. They should be spending more money on developing secure systems and less money on sending attorney’s letters and attacking those who report the bugs and problems in their systems.

Nobody should have to worry about their money or accounts being hacked. It’s time for Philippine banks to take security seriously and protect their customers. It’s time to demand that Philippine banks provide secure financial services and stop victim blaming, sending attorney’s letters, and attacking those who report the security flaws.

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