Bangko Sentral ng Pilipinas. INQUIRER.net FILE PHOTO
Amid increasing risks from cyberattacks, the Bangko Sentral ng Pilipinas (BSP) issued stricter rules, among the first of its kind in the Asean, aimed at protecting financial institutions 24/7.
In a statement Saturday, the BSP said the Monetary Board, its highest policymaking body, last week “approved pioneering guidelines on information security management that place a renewed focus on cybersecurity.
The new guidelines are needed to “address the growing concerns on the fast-evolving cyber-threats that continue to confront global as well as domestic financial communities,” it added.
Cyberattacks like hacking put not only sensitive information but also huge sums of money at risk. The hacking of the Bangladeshi central bank’s account from the Federal Reserve Bank of New York in February last year led to the laundering of $81 million in stolen money in Philippine casinos after entering the country through the financial system.
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According to the BSP, the amended rules “highlight the role of the BSP-supervised financial institutions’ (BSFIs) board and senior management in spearheading sound information security governance and strong security culture within their respective networks.”
Also, “BSFIs are mandated to manage information security risks and exposures within acceptable levels through a dynamic interplay of people, policies, processes and technologies following a continuing cycle (such as identify, prevent, detect, respond, recover and test phases),” the BSP added.
