Central bank steps up cybersecurity measures

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) has stepped up measures to provide a safe, secure and healthy cyber environment for the financial services industry. 

BSP Governor Amando Tetangco Jr. said the central bank continues to undertake a more proactive monitoring of the cyber environment while promoting the resilience of the entire financial ecosystem. 

Initiatives include the conduct of an in-depth study on the industry’s cybersecurity posture in 2014, ongoing enhancements of the BSP regulatory framework vis-à-vis emerging cyber-threats, and the creation of a dedicated cybersecurity division to closely monitor cybersecurity threats and promote proactive measures.

“Indeed for the BSP, cybersecurity is a serious matter considering the potential of major cyber-crimes and cyber-attacks to undermine public’s trust and confidence in the financial system,” he said. 

The BSP would continue to collaborate with the industry and key stakeholders through intensified efforts and comprehensive solutions toward a safe, secure and healthy cyber-environment for the financial services industry, he said. 

Toward this end, the BSP has partnered with BancNet Inc. and the Information Security Officers Group (ISOG) during the recently concluded first Cybersecurity Summit for the Financial Services Industry.

During the event, Tetangco shared BSP’s philosophy on cybersecurity that espouses the right mindset and a holistic multi-stakeholder approach summarized into three themes coined as the acronym PIN. 

The PIN stands for P – proactive, not reactive; I – information sharing and collaboration; and, N – not a technical issue.

The BSP chief urged the industry to be always on guard and proactive in managing cybersecurity risks, to collaborate and share information with concerned stakeholders, and to consider cybersecurity as not a technical issue requiring full support and attention of the Banks’ top management. 

In response to this evolving and growing cyber-threat landscape, Tetangco said the BSP has been taking measures to preserve public trust and confidence in the financial system. 

Since the initial stages of electronic banking in the Philippines, the BSP has put in place relevant regulatory framework and a robust and dynamic supervisory program to guide and oversee BSFI’s technology implementation. 

In 2013, the BSP issued Circular No. 808 providing the framework on information technology risk management.

The initiatives being undertaken by the BSP and major players in the industry are very timely as cybersecurity attacks including ATM skimming are rampant especially during the Christmas season.