BSP launches plan to protect banks against cyber threats

The Bangko Sentral ng Pilipinas on Tuesday launched the Financial Services Cyber Resilience Plan (FSCRP) at the Philippine International Convention Center to strengthen banks and other financial institutions against cyber threats.

The FSCRP serves as a comprehensive roadmap and primary framework aimed at enhancing the resilience of the financial services sector against cyber threats. It also outlines high-level goals and strategies essential for maintaining the integrity and security of the country’s financial ecosystem.

More than 200 executives from banks, industry associations and government agencies attended the launching of FSRCP with the theme “Fortifying Cyber-Frontier for BSP-Supervised Financial Institutions”.

BSP Governor Eli Remolona Jr. stressed the importance of cybersecurity in light of the rapid digital transformation in financial services.

He encouraged stakeholders to pursue holistic efforts to combat evolving cyber threats. “The 2024-2029 Financial Services Cyber Resilience Plan is a key pillar in the industry’s cybersecurity journey. I urge all stakeholders to embrace this plan as a commitment to building trust, reliability, and security in financial services for every Filipino,” he said.

Instrumental to FSCRP’s implementation is the Anti-Financial Scamming Act (AFASA) which was enacted into law and signed by the President on July 20, 2024. The law was authored by Senator Mark Villar and Rep. Irwin C. Tieng, who both attended the event.

The AFASA aims to enhance information sharing and collaboration in the financial community and curb financial crimes, such as social engineering schemes and the acts of money mules.

The FSCRP complements and aligns with the National Cybersecurity Plan 2028, which is implemented by DICT as lead agency. Through the FSCRP, the BSP demonstrates its commitment to national cybersecurity objectives.

The BAP Cybersecurity Incident Database (BAPCID) serves as a critical component of the FSCRP. As the banking industry’s cybersecurity information sharing platform, BAPCID provides opportunities to raise situational awareness and bolster cyber resilience.

The strategies outlined in the FSCRP will be implemented in phases from 2024 to 2029. This phased approach allows for continuous improvement and responsiveness to the dynamic cyber threat landscape.