November 27, 2022 | 12:00am
MANILA, Philippines — S&P Global Ratings said the threat of cyberattacks is rising in Asia Pacific, prompting the need for industry-wide and cross-border information sharing to strengthen cybersecurity in the region.
In a commentary titled “Asia Pacific Banks’ Digital Opening Raises Cyber Risks,” S&P said increasingly interconnected banking systems are exposed to incursions that are rising in frequency, scale and sophistication.
“While we believe banks in the region are reasonably prepared to manage such risks, an institution could be badly damaged in an attack, monetarily and reputationally,” the debt watcher.
According to S&P, Asia Pacific regulators need a dogged determination to understand and manage risks to prevent attacks.
“This points to the need for collaboration, and cross-border information sharing to build cyber resilience across entities to prevent systemic risk. Regulators are key to setting standards for banks, and guiding them toward collaboration,” it said.
The Philippines, for one, continues to step up its efforts to address cybersecurity risks.
As early as 2017, the Bangko…
