Intra Day Investing

  /  Economy   /  PHL urged to upgrade cybersecurity infrastructure, policies

PHL urged to upgrade cybersecurity infrastructure, policies


A SOUTH KOREA cybersecurity solutions company said the Philippines urgently needs to fast-track upgrades to its cybersecurity infrastructure and policies as it emerges from the pandemic.

“There’s no doubt that digitalization in the Philippines is heading in the right direction,” NETAND Chief Executive Officer Hochul Shin said in a statement on Wednesday.

“Now that the world is slowly ushering in a post-pandemic era, the global market is paying attention to access management solutions since major IT infrastructure systems require thorough control and management of user access and authority. It is, therefore, imperative for the Philippines to fast-track its cybersecurity infrastructure and policies,” the NETAND CEO added.

The Department of Information and Communications Technology is currently exploring digital partnerships. The department recently approached Franz-Michael Skjold Mellbin, the Danish ambassador, to sound out Copenhagen on cybersecurity, e-governance, digital health, and digital transition for the maritime industry.

NETAND, a privileged access management (PAM) solutions provider, noted that the Philippines’ rapid digitalization can serve as an entry point for cyber threats, making digital trust a big concern. 

“Efficient solutions and infrastructure are essential in combating cyber threats and ensuring business survival,” it said.

The Philippines’ digital competitiveness improved last year, with knowledge and technology taking 62nd and 54th spots, respectively, according to the World’s Digital Competitiveness Ranking. The Philippines ranked 61st out of 194 on the ITU Global Security Index.

At the same time, NETAND warned that security risks may surge with demand for third-party payment providers expected to rise in the coming years. 

“Ensuring that the information security management system is properly screening and protecting the payment methods plays a critical role in maintaining operational security,” the company said.

It said that PAM solution helps protect and secure the digital transformation of any business.

PAM solutions help protect organizations against insider threats, cyber-attacks, and compliance risks by monitoring, detecting, and preventing unauthorized privileged access to critical resources, the company added. — Arjay L. Balinbin

Post a Comment