Philippine financial institutions are confronting a fast-escalating and costly threat. In 2024, cyberattacks siphoned off an estimated P5.82 billion from the industry — a steep jump from the previous year, according to the Bangko Sentral ng Pilipinas (BSP).
According to the Cybercrime Investigation and Coordinating Center (CICC), the sharp increase in digital threats underscores the necessity for a coordinated, data-driven response, and CIBI’s Fraud Bureau seeks to do just that.