DOJ and banks will sign a Memorandum of Understanding (MOU) to detect and prevent cybercrime.
DOJ — The Department of Justice and the Bankers Association of the Philippines (BAP) will sign a Memorandum of Understanding (MOU) on February 4 to detect and prevent cybercrime.
The MOU enabled both DOJ and BAP to work closely together in order to combat cybercrime that had been spiraling out of control last year and hit a peak when the Philippines’ biggest bank, BDO Unibank Inc., was hacked by cybercriminals known as “Nagoyo” or the “Mark Nagoyo heist group” in December.
According to BAP, the MOU will facilitate the creation of a collective, coordinated, and strategic cyber response that’s crucial in the period of heightened cyber criminality in the country.
The BAP also said that partnering with DOJ will help keep the public “safe” and “make cybercriminals pay for the crimes they have committed”.
“The BAP is set to sign (an) MOU with the DOJ on Feb. 4 (to) cement the strong partnership between the banking industry and the National Government in the fight against cybercrime,” BAP said in a statement on Sunday, January 30. “Promoting cybersecurity in the banking system is a joint effort in as much as it is a core aspect of the nation’s security and the economy’s stability.”
In the same statement, BAP members praised NBI (National Bureau of Investigation) for catching the cybercriminals behind the “Nagoyo” scam.
BAP president Jose Arnulfo A. Veloso, who was also the president and CEO of Philippine National Bank (PNB), said that he’s grateful for the NBI for their “successful collaboration in holding cybercriminals accountable for what they have done”.
According to Veloso, cybercriminals will never go unpunished for victimizing the banking public and stealing their hard-earned savings.
Former BAP president Nestor V. Tan, who was also the president and CEO of BDO, continued to assure BDO clients that all of their cybercrime-related concerns will be immediately addressed.
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BAP first vice president Cecilia C. Borromeo, who was also the president and CEO of the Land Bank of the Philippines (Landbank), said that the banking industry will do its part in promoting cybersecurity in the country.
The Bank of the Philippine Islands (BPI) was also assuring the banking public that it was closely monitoring its systems on a “highly regular basis” since cybercriminals attacked in the same frequency.
BAP second vice president Hans B. Sicat, for his part, said that a capable law enforcement agency was crucial to ensuring a strong banking system.
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