BSP to develop framework vs. cybersecurity threats to banks

The Bangko Sentral ng Pilipinas (BSP) will develop a framework to counter cybersecurity threats against the banking industry, Governor Nestor A. Espenilla, Jr. said Monday.

"You know, it's very hard in today's digital world. Cyber crime is happening even in the best, the most advanced countries, so we cannot promise total prevention but what we can promise is a strong framework that quickly identifies, contains, and makes the system resilient to the threat," he said on the sidelines of the BSP's 24 Anniversary Celebration in Manila City.

"Be assured that the BSP will make sure that reforms happen," he added.

Last month, some 1.5 million clients of the Bank of the Philippine Islands (BPI) were affected by a double-posting of transactions which caused errors in the records of their outstanding balances.

A week after that, clients of BDO Unibank Inc. reported unauthorized withdrawals from their accounts. They were later found to be victims of automated teller machine (ATM) skimming.

The following week, Security Bank Corp. said it had encountered delays in its systems, and it had to perform system maintenance activities to address the issue.

Just this weekend, UnionBank of the Philippines said it is conducting a "rigorous" internal probe into the supposed theft of P17 million from the bank by one of its employees.

"We cannot also be blind to the dark specter of cyber crime that can quickly undermine trust in our financial system," Espenilla said in his speech.

"There is no substitute for eternal vigilance, proactive action, and public education. We are all in this together," he added. — BM, GMA News