Adopt new security solutions versus cyber attacks – BancNet

MANILA, Philippines - Local banks and all other non-bank financial institution must adopt new or updated security solutions and standards to keep pace with the growth in electronic delivery channels’ capabilities.

BancNet president Roberto P. Blas likewise warned of more sophisticated cyber attacks as the country’s financial system enter the digital environment.

“We are happy to note that at the forefront of our security initiatives is our Bangko Sentral ng Pilipinas (BSP) which has laid down the needed framework and regulations to combat fraud,” he said, at the Securing Our Networks Conference at the Fairmont Hotel.

It was co-sponsored by Silversky Inc. and BancNet, the country’s leading electronic banking network.

Blas cited two key security standards mandated by the BSP, namely the end-to-end Triple DES encryption and the EMV chip technology, for implementation in 2015 and 2017, respectively.

IT and information security expert and author of the book “Security Metrics:  Replacing Fear, Uncertainty and Doubt” Andrew Jacquith gave an overview of the financial services threats landscape based on first-half-2014 data collected from 954 US-based financial institutions.

Jacquith also discussed trends that impact banks’ network security through 2020, including underground syndicates that have become more organized and determined.

Also discussed during the forum was how to manage data security risk in an outsourced environment, including the cloud, and lessons learned from past data security breaches and the major developments in the Payment Card Industry Data Security Standards (PCI DSS).

BancNet is the leading electronic banking network in the country whose 112 member financial institutions and affiliates together have more than 12,500 ATMs and 44.2 million ATM cardholders.

It holds the Securing Our Networks conference annually as part of its continuing education program for members.  

SilverSky is the largest provider of network security solutions to the US financial services industry and an expert in cloud computing.