THE banking sector plays a crucial role in any country's economy, making cybersecurity a priority focus, especially as financial institutions in the Philippines drive toward digital transformation.As the Philippines pushes toward a 'cash-lite' economy, the financial services sector faces a growing threat of cyberattacks, including ransomware incidents, phishing scams, and evolving tactics from cybercriminals.
RaaS enables hackers to employ a range of techniques, including phishing and exploiting software vulnerabilities, to penetrate corporate networks.These attackers often persist on networks for extended periods, collecting sensitive data and preparing for maximum damage. With the increasing complexity of hybrid cloud environments, the attack surface for financial institutions widens, heightening the need for rigorous security oversight.