The Department of Information and Communications Technology (DICT) and the DICT Cybersecurity Bureau reached a significant milestone during Cybersecurity Month 2023. They successfully concluded their weekly event, which focused on two important aspects of the digital revolution: digital transformation through cybersecurity and the future of fintech with digital lending.
One of the key topics discussed was the rapid transformation of the digital lending landscape, driven by the advancements in fintech, the increasing popularity of online transactions, and the growing influence of Small and Medium Enterprises (SMEs). Experts predict that the market cap for digital lending will reach an impressive 350 billion USD by the end of 2023.
In addition, the Southeast Asian smart cities market is expected to reach a value of $236.7 billion by 2030, emphasizing the need to protect and secure critical industries such as energy, insurance, health, and logistics.
The DICT-led event featured keynote speeches and panel discussions from prominent figures in the digital banking, cybersecurity, credit and financing, and insurance industries. Dr. Thelma D. Villamorel, from the DICT Cybersecurity Bureau, highlighted the importance of cybersecurity as the foundation for the progress of digitalization.
The Founder and CEO of UNO Digital Bank, Manish Bhai, acknowledged the room for growth in the Philippine fintech and digital lending sector. Financial inclusion is crucial for a country’s economy and investment sectors, and while progress has been made, it remains a challenge in the Philippines. Bhai recognized the role of financial institutions and government regulators in improving the sector.
The further development of technology, such as data-driven credit scoring systems and intelligent automation, is vital for the success of Small and Medium Enterprises (SMEs) in the Philippine economy. Technology can accelerate transactions, eliminate inefficiencies, and reduce costs for finance companies and consumers.
Jatinder Handoo, the CEO of the Digital Lenders Association of India, emphasized the importance of industry associations and government policies in guiding the implementation of cybersecurity measures. Different frameworks exist for different types of entities to ensure cybersecurity and cyber resilience.
It is essential to understand the real-world impact of cyber threats and cybersecurity prevention. Ivan Dianga, from Collabera, highlighted the high number of cyberattacks globally and the need for persistence in preserving systems.
To mitigate cyber threats and attacks, organizations should provide comprehensive and ongoing cybersecurity training to all employees, especially during onboarding. These training programs should educate employees about the latest cyber threats and best practices for protection.
While the future of cybersecurity and digital lending seems promising, government regulations and industry players must remain vigilant. Digital transformation is necessary for all industries, not just financial services, as the market evolves and customers demand faster and more efficient services.
