To support law enforcers with their financial assets, IBM recently announced that it is providing security services to the Public Safety Savings and Loan Association, Inc. (PSSLAI), to help protect its investments and other financial transactions of 280,000 members from cyber fraud and internet-borne criminal operations.
As part of this effort, PSSLAI, serving its members through its savings and loan products, is leveraging IBM’s innovative Managed Security Services program to support the association’s threat detection and response readiness.
For context, the financial sector in Asia remains a steadily-growing popular target for cybercriminals. The Bankers Association of the Philippines (BAP) reported that over PHP1 billion was lost due to fraud and unauthorized withdrawals by BAP members alone as of 2021. What’s more, 60% of Philippine CEOs cite cyber risk as the greatest challenge over the next two or three years, as per a recent IBM Institute for Business Value study. The move for stronger financial security is blatant.
For this reason, PSSALAI tapped IBM Security for its security expertise, cutting-edge security solutions, and real-time detection and response capabilities. Both agencies are working on designing, building, and managing a comprehensive security program designed to increase its resiliency and security. IBM’s Managed Security Service program provides insights for PSSLAI to optimize security by introducing advanced methods of security governance in threat, risk, and vulnerability management and observing better security compliance standards and overall security readiness.
“PSSLAI is delighted to put all these capabilities in place to secure our consumers’ best interests,” said Warren Herrero, Chief Information Officer of PSSLAI. “Centralized visibility and intelligent security analytics capabilities can help us proactively detect, investigate and respond to critical cybersecurity threats in a timely manner.”
To enhance PSSLAI’s security posture, IBM will continuously perform cyber-threat intelligence and adversarial simulation programs. In addition, it plans to integrate the companies’ vast network of security data sources into IBM QRadar Security Information and Event Management (SIEM), allowing them to monitor potential security events across the company within a single pane of glass.
This work will provide PSSLAI with a broader scope of visibility to detect, alert, catch, and neutralize threats that can potentially prey upon its assets both within its networks and from the web, preventing potential data and system breaches.