BSP to banks: Boost defense vs cyberattacks

Amid increasing risks from cyberattacks, the Bangko Sentral ng Pilipinas (BSP) is urging Philippine banks to fortify their defenses against advanced forms of cyberthreats and risks.

In a speech during a forum organized by Maybank Philippines Inc. with a theme Managing Cyber Security in the Age of Digital Transformation, BSP Deputy Governor Chuchi Fonacier said the central bank is continuously enhancing its supervisory framework through the issuance of necessary guidelines, public advisories and memoranda as well as adoption of a robust and dynamic supervisory program.

“The BSP is cognizant of the fast evolving cyberthreat landscape and the systemic implications it poses to the financial services industry,” she said.

Fonacier said there is a need to ensure the entire banking industry remains resilient amid growing threats from cybercriminals.

She said the BSP has issued Circular 808 providing enhanced guidelines on technology risk management and Circular 982 covering enhanced guidelines on information security management.

“This is to further heighten banks’ resilience against advanced forms of cyber-threats and risks and fortify defenses from within,” Fonacier said.

Fonacier said the three main key points that would bring about greater cyber-resilience in the industry are cybersecurity culture, cooperation, and continuous improvement.

“By embracing these 3-Cs, we hope to achieve, not only better quality sleep for our dear executives, but also striking the right balance between optimizing the benefits of innovative technology, while keeping risks and threats from adversaries at bay,” she said.

Choong Wai Hong, president and CEO of Maybank Philippines Inc., said the bank is committed to the protection of information as a critical asset of any organization and strives to engage industry cooperation through intelligence sharing with local and international counterparts.

He said the industry should always be on guard and proactive in managing cyber security risks to collaborate and share information, and to consider cyber security as not a technical issue requiring full support and attention of every corporate organization.

“Banking, like any other industry, is built on trust and confidence of millions of customers. We have an exceptionally strong shared interest in maintaining that trust, and in doing our level best to address anything that could seriously undermine it,” he said.