BSP creates council to strengthen financial sector’s cyber resilience

The Bangko Sentral ng Pilipinas (BSP) has formed a council that will oversee efforts to boost the Philippine financial sector’s cyber resilience.

In a news release on Wednesday, the BSP said it launched the Financial Cyber Resilience Governance Council (FCRGC) on February 11.

The central bank said the FCRGC aims to foster a safe, secure, and resilient financial system by promoting strong cybersecurity practices, governance, and collaboration.

BSP Deputy Governor Chuchi Fonacier and Bankers Association of the Philippines (BAP) head of the cyber committee Sandeep Uppal will serve as FCRGC chairperson and vice chairperson, respectively.

Monetary Board Member Jose Querubin will serve as the council’s advisor.

Members of the FCRGC include representatives from the Chamber of Thrift Banks, Rural Bankers Association of the Philippines, Philippine E-Money Association of the Philippines, BancNet, and Philippine Clearing House Corporation. 

The heads of the BSP’s Policy and Specialized Supervision Sub-Sector, Technology and Digital Innovation Office, and Technology Risk and Innovation Supervision Department will also serve on the council.

During the FCRGC’s launch, BSP Governor Eli Remolona Jr. highlighted the importance of strengthening cyber defenses in response to growing digital threats. 

“This council represents our collective resolve to strengthen our cyber defenses,” said Remolona.

The BSP said the council will implement the 2024-2029 Financial Services Cyber Resilience Plan.

The plan outlines high-level goals and strategies to maintain the integrity and security of the country’s financial system, according to the central bank.

“The role of the Council is clear: it is to lead the way by overseeing industry initiatives so we are on the right track in ensuring that we remain prepared for any threats that may arise,” said Fonacier.

BAP president Jose Teodoro Limcaoco added, “The Council is a symbol of our unity, of our shared commitment to protect the financial system, and of our resolve to outpace and outmaneuver those who seek to undermine it.”

The FCRGC will meet quarterly to discuss the success metrics, review relevant cyber threat reports, and recommend policy enhancements, the BSP said. — VBL, GMA Integrated News