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June 19, 2024

Amid shift to metaverse; Banks fortify cyber defense, resilience

Amid the ongoing migration to the metaverse, Philippine banks are intensifying their campaign to strengthen cyber defenses and overall resilience, according to Bangko Sentral ng Pilipinas Governor Benjamin Diokno.

Since the onset of the pandemic two years ago, Diokno said that the remote work and school arrangements, contactless payments, online market place and blockchain have become commonplace.

As organizations rush to build the metaverse, Diokno warned that cyber threat actors are also devising new tactics for these platforms and exploiting digital currency vulnerabilities to launch attacks on organizations and customers in the metaverse.

“Since the potential of the metaverse is yet to be fully explored and realized, everyone is cautious of the potential threats, particularly on privacy and security. As companies migrate to the metaverse, the BSP will remain vigilant of these developments in this unchartered area of cyberspace,” Diokno said.

PricewaterhouseCoopers describes the metaverse as a three-dimensional digital world where one can purchase and sell goods and services, sign and enforce contracts, recruit and train talent, and interact with customers and communities.

The regulator continues to adopt a comprehensive, agile, risk-based, and engaging approach anchored on regulatory approach, proactive monitoring, and promoting resilience through supervisory and oversight activities toward cyber security.

The BSP chief also cited major industry-wide initiatives to strengthen the industry’s cyber defenses and overall resilience include the developing the Financial Services Cyber Resilience Plan that will serve as the primary framework covering strategies and plans to strengthen cyber resilience in the financial services industry as well as the implementation of the Advanced SupTech Engine for Risk-Based Compliance, or what we call ASTERisC*.

The regulator also continues to engage with the banking industry through the Bankers Association of the Philippines Cyber Incident Database or BAPCID – a web-based portal and an industry cyberthreat and best practices sharing platform where participants can report incidents and threats anonymously, and receive threat intelligence feeds and threat advisories from the BSP.

According to the BSP, it is continues to coordinate with relevant government agencies and industry associations for a joint consumer protection campaign to amplify our messages and raise overall cyber awareness in the country.