BSP targets to release guidelines for cybersecurity framework next month

GUIDELINES for the Bangko Sentral ng Pilipinas’ (BSP) cyber risk management framework are seen to be out by October, a senior official said.

BSP Deputy Governor Chuchi G. Fonacier said the cybersecurity rules have already been drafted and are currently being reviewed.

“Meron na pero ( We have a draft but) it’s currently undergoing a legal review. It’s done. Hopefully, maybe by first week of October if it is approved this week,” she told reporters on the sidelines of a forum in Makati on Tuesday when asked on the release date of cybersecurity rules.

“I’m hoping na wala na masyadong (that there will be few) comments on the legal side,” she added.

However Ms. Fonacier declined to give salient features of the draft ahead of its approval.

“I don’t have yet... Premature kung sasabihin ko (if I tell you).”

The BSP official also noted that the banking industry has already been consulted on the proposed rules.

“It is a version that they are already expecting,” said Ms. Fonacier.

The new rules will tighten information technology risk management standards spelled in BSP Circular 808 in 2013.

BSP Governor Nestor Espenilla, Jr. earlier said the new rules seek to promote a “risk- based approach” to cybersecurity, as it prods banks and financial entities to make use of digital channels to broaden access to services while also ensuring that data breaches would not compromise consumer experience and balances.

The rules would respond to growing concern on cyber- attacks.

Online fraud, e-mail phishing, ransomware, and card skimming, are among some of the rising threats in cybersecurity.

The central bank has ordered banks to adopt by June 2018 • from a January deadline previously • the Europay Mastercard Visa technology for all of its cardholders, shifting away from magnetic strip cards which are prone to skimming. —