THE Bangko Sentral ng Pilipinas (BSP) announced it is pushing for industry-wide initiatives to enhance the so-called “cyber resilience” of players in the local financial system.
In a statement issued last Thursday, the Central Bank said it has recently completed the “Advanced SupTech Engine for Risk-Based Compliance, or “ASTERisC*,” which will soon be deployed among selected BSP Supervised Financial Institutions (BSFIs).
According to the central bank, the “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 program is aimed at raising banks’ and other financial entities’ level of protection against cybercrimes and, in the process, enhancing the level of public trust and confidence of the banking public. According to the BSP, the plan—will serve as the primary framework for policies and strategies to strengthen cyber defense in the financial services industry—is expected to bolster the regulatory and supervisory environment for cyber security.
As Lead Computer Emergency Response Team covering all BSFIs, the BSP will be issuing the Financial Services Cyber Resilience Plan, spearheaded by the central bank’s Financial Supervision Sector- Technology Risk and Innovation Department. “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 BSP said. “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,” it added.
FICO, an international data analytics company, recently said its latest global consumer fraud survey has revealed that 2 in 5 Filipino consumers say good fraud and scam protection is their top consideration when looking to select a new financial account.
The survey also showed that a further 1 in 4 say it is the second most important consideration. FICO’s survey also showed that Filipinos are growing wary because more and more are being victims of online scam and fraud.