The Bangko Sentral ng Pilipinas is coming out with more stringent cybersecurity rules for banks which will, among others, hold the lending institutions’ top management and board members responsible for all cybersecurity concerns.
BSP Governor Nestor A. Espenilla Jr. told reporters on Wednesday that the proposed rules were undergoing legal review and would be submitted for approval to the Monetary Board, the BSP’s policymaking body, later.
“This one actually strengthens the message that at the board level, they should be paying attention to cybersecurity, because we observe that these cybersecurity concerns are left to the attention of technologists,” Espenilla said.
Despite rising cybersecurity risks, Espenilla noted that such concerns were not part of most banks’ business strategies.
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“If the top management or those in the board don’t pay attention to cybersecurity matters, they will not invest enough resources in this concern, making a bank or any financial institution fundamentally vulnerable to cybercrime,” Espenilla stressed.
Also, the enhanced rules will include prescriptive measures based on international cybersecurity standards, Espenilla added.
