IC joins agencies to boost insurance cybersecurity

THE INSURANCE COMMISSION (IC) has partnered with five government agencies to strengthen cybersecurity in the insurance sector.

On March 16, the IC signed a memorandum of agreement with the Bureau of the Treasury, Social Security System, Government Service Insurance System, Philippine Deposit Insurance Corp. and Land Bank of the Philippines (LANDBANK), it said in a statement on Wednesday.

The collaboration aims to improve detection, prevention and response to cyberthreats through advanced monitoring, enhanced analytics and stronger security controls.

Finance Secretary Frederick D. Go said the initiative protects Filipinos’ savings, supports sector stability and reinforces public trust in insurance as a financial security tool.

LANDBANK will serve as procurement agent, handling bidding and acquisition of the cyber-defense solution.

Participating agencies will form a joint technical working group to set requirements and oversee implementation, and an interagency oversight committee of chief information officers and information technology security officials will monitor developments and recommend safeguards.

“Cybersecurity is a critical component of institutional resilience in today’s increasingly digital environment,” IC Commissioner Reynaldo A. Regalado said in the statement. “Through this collaboration, the Insurance Commission is strengthening its capacity to protect critical systems and safeguard sensitive information against evolving cyberthreats,” said. — Aaron Michael C. Sy