{"id":126872,"date":"2017-10-27T02:09:39","date_gmt":"2017-10-27T06:09:39","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=126872"},"modified":"2017-10-27T02:09:39","modified_gmt":"2017-10-27T06:09:39","slug":"bsp-readies-banks-cybersecurity-upgrades","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2017\/10\/27\/bsp-readies-banks-cybersecurity-upgrades\/","title":{"rendered":"BSP readies banks\u2019 cybersecurity upgrades"},"content":{"rendered":"
\"FILE:<\/a>
FILE: Bangko Sentral ng Pilipinas (Facebook photo)<\/figcaption><\/figure>\n

BANGKO SENTRAL NG PILIPINAS<\/p>\n

MANILA\u00a0\u2014 Cybercriminals continue to look for ways on how to hit information technology (IT) systems of companies and various institutions.<\/p>\n

In the case of Philippine banks, these institutions have upped their system especially since the Bangko Sentral ng Pilipinas (BSP) now rate these financial institutions in terms of their IT security strength and their risk management framework among others.<\/p>\n

\u201cThere is an established process wherein we deploy enforcement action all the way from corrective action for the worst cases to no action,\u201d BSP Governor Nestor A. Espenilla Jr. said.<\/p>\n

The central bank chief declined to give figures on banks\u2019 cybersecurity ratings but stressed that these are \u201cgetting better.\u201d<\/p>\n

He explained that regulators \u201care also adjusting to the environment\u201d since \u201ccybercriminals are becoming more and more aggressive.\u201d<\/p>\n

\u201cAnd it\u2019s a full time operation. It\u2019s their business (that) they do nothing but attack so what we are doing is elevated standards as well.<\/p>\n

These standards cover, among others, electronic banking (e-banking) transactions.<\/p>\n

Among these circulars is Circular No. 808 issued in August 22, 2013, which classify bank\u2019s IT risk profile as either \u201ccomplex\u201d or \u201csimple\u2019 and is based primarily on banks\u2019 degree of adoption of technology.<\/p>\n

Espenilla said since the standards were put in place in 2013 enhancements have been introduced and will continue to be improved to ensure that these prevent the rising number of risks.<\/p>\n

\u201cBut now it\u2019s a major overhaul of the standards to bring it to the next level\u2026So those who were doing well in the old standard will probably have some running to do in the new standard,\u201d he said.<\/p>\n

The BSP chief said a plus towards this measure is top executives\u2019 and not just IT personnel\u2019s understanding on the need to put the necessary measures to thwart risks.<\/p>\n

He said that if the banks\u2019 Board of Directors does not realize the need to enhance cybersecurity then \u201cthey will not invest enough resources in this, which is the one that makes a bank or financial institution fundamentally vulnerable to cybercrime.\u201d<\/p>\n

\u201cAnd then there are some prescriptive measures there in terms of what are the expectations and we just basically adopted international, prevailing international standards on this,\u201d he added. (PNA)<\/p>\n","protected":false},"excerpt":{"rendered":"

BANGKO SENTRAL NG PILIPINAS MANILA\u00a0\u2014 Cybercriminals continue to look for ways on how to hit information technology (IT) systems of …<\/p>\n","protected":false},"author":33,"featured_media":51565,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[20472,29711,29710],"class_list":["post-126872","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bangko-sentral-ng-pilipinas-bsp","tag-bsp-governor-nestor-a-espenilla-jr","tag-information-technology-it","mauthors-joann-villanueva","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/126872","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=126872"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/126872\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/51565"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=126872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=126872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=126872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}