Leading finance and insurance government agencies in the Philippines have teamed up to strengthen cybersecurity in the insurance industry.
The Insurance Commission (IC), the Bureau of the Treasury (BTr), Government Service Insurance System (GSIS), the Philippine Deposit Insurance Corporation (PDIC), and the Land Bank of the Philippines, signed a memorandum of agreement on a shared cyber defense solution for the insurance cluster, according to a statement released by the IC.
The solution aims to enhance the agencies' ability to detect, prevent, and respond to cyber incidents through advanced threat monitoring, improved security analytics, and stronger defensive controls.
Commenting on the development, Philippine Finance Secretary Frederick Go said, "This agreement strengthens the government's ability to protect the insurance industry from cyberattacks, ensuring that Filipinos' hard-earned savings are secure. 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 agreement, Landbank will act as the project’s procurement agent, handling the bidding and acquisition of a cyber defence solution. Participating agencies will define the technical requirements and supervise implementation through a Joint Technical Working Group. Meanwhile, an Interagency Oversight Committee composed of Chief Information Officers and IT security officials will monitor cybersecurity developments and recommend appropriate security measures.
"Cybersecurity is a critical component of institutional resilience in today's increasingly digital environment. Through this collaboration, the Insurance Commission is strengthening its capacity to protect critical systems and safeguard sensitive information against evolving cyber threats," Insurance Commissioner Reynaldo A Regalado said.