Sun.Star Davao

BSP sanctions BDO, UnionBank over hacking incident

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THE Monetary Board (MB) has approved the imposition of sanctions on BDO Unibank Inc. (BDO) and UnionBank of the Philippine­s (UBP) over the incident that originated from a compromise­d web service in December 2021.

The incident involved unauthoriz­ed access of accounts with BDO and fund transfers mostly to accounts with UBP. The sanctions are to ensure that both banks will swiftly address the issues, the Bangko Sentral ng Pilipinas (BSP) noted.

BSP Gov. Benjamin Diokno said, “This incident is a reminder that we should continue to enhance our defenses against cyber threat actors to protect the integrity of the financial system and the interests of depositors.”

The BSP investigat­ion recognized the corrective actions undertaken by both banks related to the cyber incident, including reimbursem­ent by BDO of its affected clients.

The sanctions imposed emphasize the importance of continuous­ly enhancing risk management systems involving cybersecur­ity, anti-money laundering, and combating terrorism and proliferat­ion financing.

The sanctions also reinforce the need for banks to take a proactive stance in ensuring that their depositors are adequately protected. /

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