FinTech Alliance Philippines and CYFIRMA sign strategic partnership at Singapore FinTech Festival 2022 to help digital financial firms strengthen cyber security
FinTech Alliance Philippines will leverage CYFIRMA’s external threat landscape insights and digital risk monitoring platforms to help fast-growing FinTech startups protect their intellectual property and customer data from cyber attacks and build greater cybersecurity awareness across the ecosystem
Manila, Philippines and SINGAPORE, 3 November 2022 /PRNewswire/ — CYFIRMA, the industry’s first external threat landscape platform company, and FinTech Alliance Philippines, the country’s leading and largest digital trade organization, today announced a partnership to help elevate cybersecurity maturity while promoting digital innovation to create growth opportunities and accelerate financial inclusion .
The Philippines The financial landscape is evolving rapidly with the rise of digital banks, open finance and other financial technologies that are revolutionizing the design, delivery and consumption of financial products and services. With increased digitalisation, there is also increased pressure on consumer protection capabilities and resources. According to Statista, a company specializing in market and consumer data, the number of cyber attacks in The Philippines has grown exponentially during the first quarter of the year, reaching as much as around 1.76 million. However, the country still ranks a low 82nd in terms of cyber security preparedness, according to a global security index.
The pandemic has seen an unprecedented rise in online fraud, and the low cybersecurity maturity among businesses could reverse gains in promoting trust and confidence in the use of digital platforms. The pandemic’s disproportionate impact on the poorest and most vulnerable combined with the lack of online safe habits and knowledge will exacerbate income and wealth inequality. This collaboration between FinTech Alliance Philippines and CYFIRMA is designed to build a digital financial ecosystem resilient to cyber threats and digital risk, laying the foundation for a sustainable, inclusive and thriving FinTech industry.
In this collaboration, CYFIRMA and FinTech Alliance Philippines will advocate a security-based approach in software development where security practices are applied at the earliest stage of the development lifecycle, emphasizing the importance of identifying security vulnerabilities through real-time and continuous monitoring.
CYFIRMA and the FinTech Alliance will also work together to raise cyber security preparedness among the members of the alliance. This includes ensuring members are equipped with digital risk protection tools to help them stay safe from cyber risks such as phishing, ransomware and identity and data theft.
To improve digital and cyber literacy among the community, as well as to address the lack of cyber security awareness, CYFIRMA will also extend its cyber education mobile application, DeFNCE, to all members of the alliance.
CYFIRMA and the Fintech Alliance will also explore other collaborations such as joint training programs with academic institutions and regulatory engagement with government agencies.
“We are excited to extend our market-leading cybersecurity capabilities, which we have deployed in service to corporate clients, to the vibrant FinTech community in The Philippines. We know that the unbanked and underbanked have security concerns around digital financial services, particularly around identity theft, fraud and scams. We are honored to have the opportunity to use our knowledge of digital risk monitoring and protection to help up-and-coming FinTechs build cutting-edge products that are cyber-secure and ready to be deployed at scale to serve millions of Filipinos,” said Anna Kohmarketing manager, CYFIRMA.
“Consumer education is also key in cyber defense against identity theft and security breaches. Ensuring our customers’ safety, security and trust in digital financial services must be primordial. Stakeholders must strengthen constructive dialogue in cyber and vulnerability detection, attack detection and increase digital risk protection, among other things. Our partnership with CYFIRMA is central to supporting this strategic initiative,” said Lito VillanuevaFounder of FinTech Alliance Philippines.
ABOUT FINTECH ALLIANCE.PH
FinTech Alliance.ph is The Philippines leading and largest digital trade organization consisting of startups and unicorns that collectively generate over 90% of the digitally initiated transaction volume in the country today. It was established in November 2017 and was launched at the Bangko Sentral ng Pilipinas (BSP) with the late BSP Governor Nestor A. Espenilla, Jr., champions inclusive digital economy and financial education. It advocates enabling regulations for continuous financial innovations in collaboration with regulators, legislators and global practitioners. The institutionalized Asia’s first industry-led fintech industry code, ethics and customer centricity guidelines in collaboration with Bangko Sentral ng Pilinas, Securities and Exchange Commission, Insurance Commission, National Privacy Commission, Credit Information Corporation, Bureau of Internal Revenue and Department of Trade and Industry.
Official website: fintechalliance.ph
Email: [email protected]
ABOUT CYFIRMA
CYFIRMA is an external threat landscape management company. We combine cyber intelligence with attack surface detection and digital risk protection to deliver early warning, personalized, contextual, outside-in and multi-layered insights. Our cloud-based AI and ML-powered analytics platform provides the hacker’s view with deep insight into the external cyber landscape, helping clients prepare for impending attacks. CYFIRMA has its head office in Singapore with offices across APAC, EMEA and the US. The company is financed by Goldman Sachs, Zodius Capital and Z3 Partners.
Official website:
https://www.cyfirma.com/
SOURCE CYFIRMA
