Cooperation, info sharing to aid banks’ cybersecurity

COOPERATION and information sharing in the financial system are crucial in enhancing the sector’s resilience versus cybersecurity threats, the Bangko Sentral ng Pilipinas (BSP) said.

In an executive forum organized by Maybank Philippines, Inc. on Wednesday, BSP Deputy Governor Chuchi G. Fonacier said cooperation within the financial system is integral to shield itself from threats posed in the digital space.

“Beyond merely enforcing compliance, cooperation and collaboration engagements among relevant stakeholders, which include fellow regulators, the banking industry as well as relevant state agencies, lay a critical role in enhancing the financial system’s cyber-resilience,” she said in a keynote speech.

Ms. Fonacier said banks need to step up their information security position beyond their respective networks.

“Information sharing allows BSP-supervised financial institutions to enhance the threat intelligence that enables the quick identification, prevention and response to emerging persistent threats.”

Ms. Fonacier also noted that instilling a strong cybersecurity culture, as well as continuing to strive towards stronger cybersecurity and resilience through constant improvements, is also important to keep the threats at bay.

Department of Information and Communication Technology Assistant Secretary Allan S. Cabanlong said banks are now taking cybersecurity seriously due to the monetary authority’s regulations. —