ASSOCIATE PROFESSOR III
Chances are we are using digital finance platform.
The prevalent use of Financial Applications is a reality that we are aware. According to a Philippine News Agency report written by Joanne Villanueva “ The Philippines now officially has six digital banks after the Bangko Sentral ng Pilipinas (BSP) recently issued Certificates of Authority (COA) to two more financial institutions, which paved the way for the latter’s full operations. The other four are Tonik Digital Bank Inc. (TONDB) and Maya Bank Inc. (MAYA), which got their COA in the first quarter of this year, and Overseas Filipino Bank Inc. (OFBank), the digital bank subsidiary of state-owned Land Bank of the Philippines (LANDBANK), and UNObank Inc. (UBI), which received their respective COA in the second quarter of the year. “
In our own mobile phones, we have GCASH and MAYA , too . We use this as our go to apps in transferring money and buying loads for our cellular phones . At times, the same app comes handy in paying utility bills including tuition fees.
On a personal note, the whole digital banking and applications has never been a problem. It made our mobile life easy and convenient.
But recently, news came to us as a warning, the digital banking and applications are vulnerable to hacking and can be a source of major problem. Many stories come as a proof to this ,the maintenance period (when one cannot access the app) is a prime example of the recalibration that the apps do to prevent the fiasco of hacking. However, the question remains, how fast can the digital banks and app adjust to the ever-evolving hackers?
Inquirer,net as written by Jasper Piad disclosed that Study Shows PH Bank Vulnerable to Hacking ! The said article is a confirmation of what ordinary Juan’s fear all along, the apps and the digital banks can be hacked. The results of our study reveal that many financial institutions are struggling to close the priority security gaps that put them at risk. Effective exposure management is key… ,” Tenable senior vice president Nigel Ng said. The firm Tenable warns us on that article of Inquirer.net .
The next question would be how can we prevent the hacking of our assets and monies in these platforms?
It seems a highly technical question that deserves an even technical answer.
As we grow our financial transactions and gain access to a wide array of digital services, we must increase our safeguards against cyber threats. Strengthening digital defenses will help safeguard the financial assets of both banks and their customers, ensuring a secure and trustworthy digital banking environment.
We need to have stronger and if I may say pressing and sure defense on those digital assets.
