Philippine banking and finance sector is not prepared for any cyber threats as a result of digital transformations.
Manila, Philippines March 6, 2019 — Key research undertaken by Ingressum Philippines Corp, indicates 95% of the Philippine banking and finance sector is NOT prepared for any cyber threats as a result of digital transformation most banks are undertaking now or due to undertake in the short term.
Ingressum Philippines Corp will be sharing key insights at this year’s 30th BAIPHIL convention to be held at the fabulous Baguio Convention Center between March 14/15 2019.
Digital transformations invariably lead to an increase in email communication between a bank and it’s customers. During 2018, Philippines was ranked as the 10th most attacked country worldwide in terms of online infections with more than eight million Web threats monitored during the third quarter of 2018 alone. On the flip side, enterprises are continuously being targeted with Business Email Compromise (BEC) scams often using spear phishing techniques.
Cyber criminals take advantage of the trust that consumers and enterprises alike place in email communications, resulting in many of the reported corporate data breaches and consumer fraud cases, costing the global economy billions of dollars every year.
And the solution ? According to Ingressum Philippines Corp Country Mgr, Mr Victor Mendoza, the solution to removing the fake emails that use an organization’s brand and email domains is simple – implement the basic email authentication controls of SPF, DKIM and DMARC. “The starting point in re-building the trust in email communications is for enterprises to fix the underlying email authentication mechanisms and hence control who can or cannot use your email domains to send email on your behalf to internal employees or externally to consumers or vendors”, Victor Mendoza said.
The core of Ingressum’s Customer Protection Suite is a DMARC Compliance service that seeks to enable effective email communication between the bank and consumers and essentially reject any fake emails from reaching consumers all together.
Equally, DMARC plays an important role in the Enterprise Protection Suite, specifically the Inbound Email Protect service that protects enterprises from cyber criminals using the corporate’s own email domains against them in BEC or spear phishing campaigns.
About Ingressum Philippines Corp.:
Ingressum is an innovative provider of cybercrime protection and intelligence services that proactively responds against online threats and reduces the risks posed by spear phishing, email domain spoofing, malware, and other cyber-attacks.
Ingressum Philippines Corp
Lvl 17. 31 Queen St
Melbourne, Victoria, Australia