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June 23, 2024

BSP beefs up cybersecurity for financial systems stability

The Bangko Sentral ng Pilipinas (BSP) continues to intensify its cybersecurity efforts, both within the organization and among its supervised entities, amid accelerated growth in digital transactions.

BSP Governor Benjamin Diokno said cybersecurity is crucial to ensuring a safe, efficient, and resilient Philippine financial system.

In a virtual forum, Diokno said the regulator continues to take a comprehensive, agile, risk-based and engaging approach to cybersecurity.

The forum as jointly organized by the Economic and Commercial Mission of Israel to the Philippines, Bankers Association of the Philippines (BAP), and Israel’s Ministry of Finance.

Since 2013, the BSP has issued several regulations aimed at mitigating the effects of technology and cyber-related risks in BSP Supervised Financial Institutions (BSFIs).

As the lead agency In the Banking Sector Computer Emergency Response team, the BSP Is developing a Financial Services Cyber Resilience Plan, which will serve as the primary framework for strategies to strengthen cyber resilience in the financial services industry.

The BSP is also developing the Advanced Supervisory Technology (SupTech) Engine for Risk-Based Compliance or ASTERisC to streamline and automate regulatory supervision as well as reporting and compliance assessment of BSFIs cybersecurity risk management.

The BSP alsoengages BSFIs through the BAP Cyber Incident Database, an Israeli web-based portal and a platform to share information on cyber threats and the best industry practices in cybersecurity.