Philippines to have a new security framework
The Philippine central bank Bangko Sentral ng Pilipinas is developing a framework to counter cyber security threats against the banking industry. Governor Nestor A. Espenilla, Jr. said cyber-crime is happening even in the best, the most advanced countries, so banks in the country cannot promise total prevention but what they can promise is a strong framework that quickly identifies, contains, and makes the system resilient to the threat. He added that the central bank will make sure that reforms happen. In June, some 1.5 million clients of the Bank of the Philippine Islands (BPI) were affected by a doubleposting of transactions which caused errors in the records of their outstanding balances. Later, clients of BDO Unibank reported unauthorized withdrawals from their accounts. They were later found to be victims of automated teller machine (ATM) skimming.