The Bankers Association of the Philippines (BAP) has joined forces with Cisco to enhance cybersecurity proficiency within the Philippines’ banking sector. This collaboration aims to deliver cybersecurity training to professionals through Cisco’s Country Digital Acceleration Program, known as UGNAYAN 2030, tailored specifically for the Philippine context.
Amid the accelerating digitalization of banking services, the threat landscape has expanded significantly, with a notable 85% of security leaders in the Philippines anticipating cybersecurity incidents that could disrupt their businesses within the next year. Data from the Philippines Cybercrime Investigation and Coordinating Center (CICC) indicates a staggering 152% increase in cybercrimes and a tripling of online scams from 2022 to 2023. Consequently, there is a growing recognition of the critical need for cybersecurity education and training among banking professionals.
“As cyber threats continue to escalate, so does the need for advancing and expanding our cybersecurity workforce. At Cisco, we recognize the urgency of this demand and remain committed to empowering those in the financial services sector with the knowledge and skills to securely navigate the digital landscape and improve cybersecurity resilience. We are honored to collaborate with BAP on this vital initiative and continue to provide banking professionals with the necessary skills of tomorrow,” according to Zaza Soriano-Nicart, Managing Director of Cisco Philippines.
Under the banner of the “Cisco-BAP Cybersecurity Skills Training Program for the Next Generation Banker,” participants from 13 leading banks in the Philippines underwent specialized courses developed by Cisco Networking Academy. These courses, delivered in collaboration with Mapua University, employed a flexible mix of self-paced, in-person, and virtual sessions via Webex. The overarching goal was to furnish participants with a robust understanding of security standards and best practices essential for safeguarding their organizations against cyber threats.
The program offered two (02) distinct pathways tailored to the diverse roles within banking institutions. Professionals with managerial responsibilities, irrespective of their department, underwent the Beginners Program, encompassing foundational courses such as Introduction to Cybersecurity and Cybersecurity Essentials. Meanwhile, managers in technical roles associated with technology or cybersecurity pursued the Specialized Program, which covered advanced topics like Network Security, CyberOps Associate, and Cloud Security. Participants in this track were also encouraged to revisit courses from the Beginners Program for reinforcement.
A recent ceremony celebrated the graduation of participants from the inaugural batch of the “Specialized Program,” with professionals from institutions like Philippine Veterans Bank, Bank of Commerce, Security Bank Philippines, Robinsons Bank, and UnionBank of the Philippines earning recognition for their exemplary performance. The UnionBank of the Philippines received accolades as the “Best Performing Bank” for achieving the highest number of professionals completing the courses with outstanding results.
“The importance of banks and financial institutions protecting consumer data and privacy is paramount in today’s digital era. With the evolving cyber threat landscape, banking professionals must be equipped with the knowledge and skillsets to prevent cybersecurity breaches and respond swiftly to threats. This partnership with Cisco enables us to provide them with strong cybersecurity skills, to not only safeguard institutions in the Philippines but also maintain the trust and confidence of customers,” said Benjamin P. Castillo, Managing Director of the Bankers Association of the Philippines.
The Cisco-BAP Cybersecurity Skills Training Program, under the auspices of UGNAYAN 2030, underscores a shared commitment to steering the financial sector towards digital inclusion and transformation. With recruitment for the program’s second cohort already underway, classes are scheduled to commence in April 2024, furthering the mission of fortifying the Philippines’ banking sector against evolving cyber threats.