Globe Telecom Inc. is availing itself of the services of cybersecurity company Traceable AI to beef up its digital security infrastructure amid a spate of online threats, which have recently victimized its e-wallet users.
The telco giant, in a recent statement, said Traceable would primarily deploy solutions to protect its application programming interface (API), which it uses to deliver health and financial services via mobile applications.
Traceable’s API security platform will provide Globe visibility into all its APIs to detect and prevent theft of sensitive information and other cyberthreats.
APIs link data providers like Globe and end-users such as the account owners of popular digital wallet brand GCash.
“APIs are the backbone of the Globe Group’s business and growth strategy. For our telco and non-telco businesses such as our [financial technology] arm GCash, our customers are getting habituated to using mobile applications, making it easier to transact with us,” Globe Group chief information security officer Anton Bonifacio said.
“However, the use of APIs comes with a substantial number of related and inherent risks that could result in damaging data breaches,” he added.
To recall, GCash users last month noticed unauthorized deductions on their balances, which the e-wallet service provider blamed on phishing attacks. The Ayala-backed company said it was able to restore the balances to correct amounts.
Phishing is a fraudulent activity whereby hackers trick victims into providing their personal information, such as contact details.
Source: https://business.inquirer.net/407193/globe-hires-cybersecurity-firm-to-detect-threats-to-business