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March 01, 2024

BSP heightens cybersecurity measures in banks

The regulator issued recommendations for banks to reinforce.

The Bangko Sentral ng Pilipinas (BSP) published recommendations for banks to fortify email security controls to effectively but a halt on persistent cyberthreats such as business email compromise (BEC), spam, phishing, ransomware and other malware attacks.

In a memo, the BSP said it requires supervised institutions to adopt recommendations for a robust and layered security controls as well as industry best practices already embedded on existing cybersecurity regulations.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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