BIZ BUZZ: Maya puts hackers on notice

As Filipinos move more of their money online, Maya has a message for regulators and financial institutions: Cybersecurity rules—and defenses—cannot afford to stand still.

The digital bank is pushing for a more flexible approach to cybersecurity as threats evolve alongside technology, arguing that protecting customers now goes beyond simply complying with existing rules.

“Technology evolves so fast. The rules that apply this year may no longer be applicable and could become archaic in five years,” Maya head of corporate affairs Kristoffer Rada said.

For Maya, that means favoring technology-neutral and risk-based standards, backed by closer coordination among financial institutions, regulators and law-enforcement agencies. Cyber risks, after all, increasingly spill across banking, telecommunications, data privacy and consumer protection.

The company is also putting some of the defense directly in users’ hands. Customers can freeze and unfreeze cards and control their use through the app. Maya also employs biometric authentication and fraud monitoring, while its credit cards use dynamic CVVs for online transactions.

But technology alone will not keep the bad guys out. Maya information security director Jan Martin Encina said companies must treat cybersecurity as an enterprise-wide responsibility rather than something left solely to IT teams.

“Cybersecurity is no longer just an IT issue; it is a business imperative, a national security priority and a fundamental component of public trust,” Encina said.

With cybercriminals increasingly mixing technology with social engineering, Maya said employee awareness, customer education and stronger information-sharing are becoming just as critical to keeping digital money safe.

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