Malacañang has called on banks and financial institutions in the country to strengthen their cybersecurity policies following a reported increase in cyberattacks that resulted in P5.8 billion in losses last year.

Communications Undersecretary Claire Castro said this after reports that losses due to cyberattacks increased by 2.6 percent from P5.6 billion in 2023 to P5.8 billion in 2024.

In a press briefing on Thursday, March 27, The Palace Press Officer said the Presidential Communications Office (PCO) has been coordinating with the Bangko Sentral ng Pilipinas (BSP) regarding this issue.

She likewise called on banks and financial institutions to reassess their policies to better improve their clients and systems.

"Atin din pong hinihikayat na magkaroon din po ang mga bangko, mabago ang kanilang mga internal policies patungkol po dito (We are also encouraging banks to change their internal policies regarding this)," she said.

To help this cause, Castro said the PCO is planning an awareness campaign to help Filipinos avoid falling victim to cyber scams.

"Tayo din po ay magkakaroon ng mga infomercials at mga information dissemination patungkol po sa paano maiiwasan ng taumbayan ang ma-scam (We will also have infomercials and information dissemination on how the public can avoid being scammed)," she said.

Castro emphasized that as cybercriminals continue to evolve their tactics, the government must also keep updating its policies and strategies.

“Nag-i-evolve po talaga ang paggawa ng krimen so kailangan din po ang mga proyekto natin, iyong ating mga panuntunan dito ay dapat nag-a-upgrade rin po (Crime is continuously evolving, so our projects and policies must also be upgraded)," she said.