Diokno vows to strengthen BSP vs. cybersecurity threats

Newly-appointed Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno on Friday ensured that the central bank will strengthen its capability to address cybersecurity threats.

"Knowing that IT security have systemic implications, the BSP, under my leadership shall continue strengthening its ability to address these threats," Diokno said in his remarks during his first media briefing as BSP chief.

In 2017, the BSP issued an enhanced guidelines for information technology (IT) risk management for all its supervised banks and other financial institutions a year after the banking sector was rocked by the 2016 Bangladesh Bank heist controversy.

The controversy involved hackers stealing $81 million from the Bangladesh Bank's account in Federal Reserve of New York and transferring them to fictitious accounts in Rizal Commercial Banking Corp.'s branch in Makati City.

Amid issues of ATM fraud, the BSP also moved to require banks to shift from magnetic stripes ATM cards to EMV or chip-based technology for stronger security features.

"I see these multi-faceted undertakings as ultimately benefiting the Filipino people," Diokno said. —KBK, GMA News