SEC to mandate cyber resilience framework on regulated entities

The Securities and Exchange Commission (SEC) is planning to mandate the establishment of cyber resilience frameworks among capital market participants to protect investors, foster trust in the Philippine capital market and promote market stability.

- By RICHMOND MERCURIO

The SEC has issued for public comment the latest draft memorandum circular providing for the guidance for regulated entities on establishing and maintaining a cyber resilience framework.

The commission said the proposal is in line with the government's National Cybersecurity Plan 2023 to 2028, which recognizes cybersecurity as critical to peace, security and economic development.

The latest version of the proposed guidance require regulated entities to adopt a cyber resilience framework that outlines their cyber resilience objectives and cyber risk tolerance, as well as procedures on how they can effectively identify, mitigate and manage cyber risks to support their objectives.