With the rapidly evolving Philippine digital financial landscape comes different challenges in security and safety. Financial institutions, in turn, must address the increasing frequency and sophistication of cyber threats and collectively develop strategies to enhance digital defenses.
This was one of the key points highlighted by GCash Chief Information and Security Officer, Migs Geronilla, as he sat down with local and British cybersecurity leaders and experts during the first cybersecurity symposium in the country, organized recently by the British Embassy Manila, at the New World Hotel Makati, a press release from GCash said.
The symposium, which had the theme “Guardians of the Digital Realm,” brought together the British Standards Institution (BSI), GCash, Aboitiz Group, PLDT Group, Smart Communications, RCBC Group, Cybercrime Investigation Coordinating Center (CICC), Metro Pacific Health to create a platform for knowledge exchange and foster partnerships between both countries in the realm of cybersecurity.
During the panel discussions entitled “Addressing the Growing Concern of Cyber Attacks on Critical Infrastructure”, Geronilla sat with industry experts to tackle how fintech institutions can leverage technology and achieve regulatory compliance more efficiently and effectively while also improving the overall customer experience, especially their security in cyberspace
The country’s number one finance super app emphasized best practices in cybersecurity as a vital component of digital financial services. With Trust and Security as its number one priority, GCash highlighted its continuous efforts to innovate and to certify more streamlined processes for identifying and mitigating potential risks, ensuring its platform is compliant, safe, and secure, the press release said.
“For GCash, since we’re in the space of mobile payments, most of our threats and risks are focused on mobile banking or mobile application risks, that attempt to do account takeovers. With the rapid growth of cyber threats, GCash aims to remain adaptive by implementing the latest security technologies in our app to strengthen our overall security posture. With “Finance For All” as our vision, our commitment is to make sure that the platform is a safe environment for millions of Filipinos,” Geronilla said
In 2023, GCash introduced “DoubleSafe,” a security feature that enhances account protection to validate the user’s identity. This uses two-factor authentication security through measures such as mobile PINs and Face ID technology, ensuring that users’ accounts are safeguarded. Likewise, GCash has intensified its #GSafeTayo campaign, an educational initiative to empower the public with knowledge about protecting their digital accounts from scams and fraud.
As a long-standing partner for nation-building, GCash’s participation in the comprehensive cybersecurity event signifies the e-wallet’s commitment to promote a secure and resilient digital environment by utilizing advanced knowledge and tools necessary to navigate the complex cybersecurity landscape, the press release said .
His Majesty’s Trade Commissioner for Asia Pacific, Martin Kent, also expressed enthusiasm for the landmark event. “Cybersecurity is a shared responsibility that requires international cooperation. The British Embassy Manila is committed to fostering collaboration between the United Kingdom and the Philippines in addressing the challenges posed by cyber threats. This event serves as a testament to our dedication to building a safer digital future together,” said Kent.
As it continues to be the pioneer of sustainable and secure finance, GCash remains steadfast in its pursuit of cybersecurity excellence, ensuring the trust and security of its users, partners, and stakeholders in line with its “Finance for All” vision and mission to make Filipino lives better every day, the press release said.*PR