Manila, March 27 -- Malacanang on Thursday called on banks to come up with new policies to mitigate cyber fraud and attacks.

This, after financial institutions supervised by the Bangko Sentral ng Pilipinas lost PHP5.82 billion from cyberattacks in 2024, higher by 2.6 percent from the recorded PHP5.67 billion worth of losses in 2023.

"In line with that, atin din pong hinihikayat na magkaroon din po ang mga bangko, mabago ang kanilang mga internal policies patungkol po dito (we are also encouraging the banks to change their internal policies regarding this)," Presidential Communications Office Undersecretary and Palace Press Officer Claire Castro said in a press briefing.

Castro emphasized the need to strengthen the financial sector's cy...