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UnionBank of the Philippines was awarded The Best Cybersecurity and IT Risk Management Initiative, Application, or Programme in the Philippines for 2018 at The Asian Banker Philippines Country Awards 2018

5 min read

By The Asian Banker

  • UnionBank of the Philippines has implemented an Integrated Operations Center (IOC) as a front line defense against cyber threat
  • It provides round-the-clock monitoring and layered defences combined with real-time threat intelligence
  • The incident response of the bank has significantly improved with the launch of this centre

From Mr. Foo Boon Ping(Managing Editor of The Asian Banker), Mr. Edwin Bautista (Chairman of Union Bank), Mr. Filiciano Angue (SVP,Head of Business Services Group), Mr. David Gyori (CEO of Banking Reports) and Mr. Richard Hartung ( Managing Director of Transcarta)

Manila, October 5th 2018- UnionBank of the Philippines received the award for The Best Cybersecurity and IT Risk Management Initiative, Application, or Programmein the Philippines at The Asian Banker Philippines Country Awards 2018. The award ceremony was held in conjunction with the prestigious The Future of Finance, Philippines 2018, the annual meeting for decision-makers in the financial services industry in the country, held at the Fairmont Makati in Makati City, Philippines, on October 5th2018.

UnionBank of the Philippines has implemented an ‘Integrated Operations Center (IOC) as the front line defence against cyber threat

UnionBank was among the first banks in the country to launch as integrated operations centre, a collaborative facility to address the growing cybersecuity concerns. It houses the bank’s security operation centre and business intelligence centre and integrated all information technology (IT) related operations, cybersecurity and anti-fraud monitoring and risk management. The centre also encompasses a situation room which has significantly improved the bank’s ability to  respond to the cybersecurity incidents. 

 

It provides round-the-clock monitoring and layered defences combined with real-time threat intelligence

The bank has deployed a security information and event management (SIEM) system which creates visibility of the cyber environment and also the digital assets by centralising the collection and analysis of relevant data from multiple security sources and monitoring alerts in near real-time. It has also implemented an enterprise fraud management system that combines data analytics and real-time alerts to further strengthen monitoring and detection.

 

The incident response of the bank has significantly improved with the launch of this centre

Through IOC, the bank now has a collaborative space for faster response and communication across relevant groups that facilitate assessment of the impact of the incident, provide remediation steps and coordinate the incident response with speed. Along with the technology measures the bank is also conducting live simulation cyber attacks to ensure the awareness, education and collaborative approach of employees. It is also empowering employees to be the first line of defence in detecting online fraud, email scams, and ransomwares.

 

About The Asian Banker

The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com

 

For further information on the collaterals for winning banks, please contact:

Ms. Neeti Aggarwal

Senior Manager, Research

The Asian Banker

naggarwal@theasianbanker.com

 



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