Connect with us

Hi, what are you looking for?

News

BSP moves to boost banks’ cyber defense

THE BANGKO SENTRAL ng Pilipinas (BSP) is working to strengthen banks’ cyber resilience through industry-wide initiatives to protect consumers amid increasing digital payments.

The central bank said in a statement on Thursday that it has completed the Advanced SupTech Engine for Risk-Based Compliance (ASTERisC*), which will be deployed among selected BSP-supervised financial institutions (BSFIs).

“ASTERisC* is a unified regulatory and supervisory technology (RegTech and SupTech) solution that streamlines and automates regulatory supervision, reporting, and compliance assessment of BSFIs’ cybersecurity risk management,” the BSP said.

As the lead Computer Emergency Response Team (CERT) of BSFIs, the BSP will also be issuing the Financial Services Cyber Resilience Plan, headed by the central bank’s Financial Supervision Sector–Technology Risk and Innovation Department.

The plan is seen to improve the regulatory and supervisory environment for cybersecurity. It will also serve as the primary framework for policies and strategies to strengthen cyber defense in the financial services industry.

“The BSP continuously engages the BSFIs, relevant government agencies, and industry associations for a cohesive and industry-wide approach to addressing emerging threats and risks, as well as enhancing cyber incident response, threat intelligence, and overall situational awareness in the country,” the central bank said.

Former BSP Governor Benjamin E. Diokno in December said the central bank is looking to issue stronger regulations on banks’ cyber defense following hacking incidents involving BDO Unibank, Inc. and UnionBank of the Philippines, Inc.

The National Bureau of Investigation in January arrested several people allegedly behind the hacking incident that affected more than 700 BDO clients.

In March, the central bank approved BSP Circular No. 1140, amending risk management regulations to strengthen cybersecurity and minimize losses from online fraud and illicit activities.

“The BSP constantly reminds the public to practice cyber hygiene under its cyber awareness and digital literacy program themed, #E-Safety is Everyone’s Responsibility,” the central bank said. 

The central bank added that it is committed to maintaining the soundness and stability of the Philippine financial system by boosting their cyber resilience as more consumers shift to online transactions.

Latest data from the BSP showed the share of digital payments in the total volume of retail transactions in the country rose to 30.3% in 2021 from 20.1% a year earlier amid growing adoption of online transactions amid the coronavirus pandemic.

Meanwhile, the value of payments done online represented 44.1% of total retail transactions last year, higher than the 26.8% share in 2020.

The BSP wants digital payments to make up 50% of all transactions both in volume and value by 2023. — K.B. Ta-asan

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

PHILIPPINE STAR/ MICHAEL VARCAS WASHINGTON D.C. — The United States is seeking to form a coalition of countries to drive negotiations on a global...

News

Buildings are seen along EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded...

News

Heavy traffic is seen on the southbound lane of EDSA in Cubao, Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN THE PHILIPPINE auto industry’s...

News

REUTERS THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected...

News

Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA THE ASIAN Development Bank (ADB) is planning to...

Editor’s Pick

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.