The Philippines' insurance regulator, the Insurance Commission (IC), Bureau of the Treasury, Government Service Insurance System, Social Security System, Philippine Deposit Insurance Corporation and the Landbank of the Philippines have signed a Memorandum of Agreement (MOA) on a shared cyber defence solution for the insurance cluster
In line with the directives of the Department of Finance, the solution is intended to enhance the agencies’ capability to detect, prevent and respond to cyber incidents through advanced threat monitoring, improved security analytics and strengthened defensive controls.
“This agreement strengthens the government's ability to protect the insurance industry from cyberattacks, ensuring that Filipinos' hard-earned savings are secure,” said Finance Secretary Frederick D Go.
“By safeguarding these critical financial resources, the government is not only protecting the stability of the insurance sector but also reinforcing public trust and confidence in the system, encouraging more Filipinos to rely on insurance as a tool for financial security.”
Under the MOA, Landbank will serve as the procurement agent for the project and will undertake the bidding and procurement process of a cyber defence solution.
The participating agencies will determine the technical requirements and oversee implementation through a Joint Technical Working Group, while an Interagency Oversight Committee composed of Chief Information Officers and IT security officials will monitor cyber security developments and recommend appropriate security measures.
”Insurance Commissioner Reynaldo A Regalado said, “Through this collaboration, the IC is strengthening its capacity to protect critical systems and safeguard sensitive information against evolving cyber threats.”