BSP, CIMB Bank act fast on cybersecurity incident

CIMB Bank Philippines, a unit of Malaysia’s CIMB Group, has moved quickly to address incidents of unauthorized fund transfers affecting customer accounts.

-  —Ehda M. Dagooc

In a statement, the Bangko Sentral ng Pilipinas (BSP) confirmed it is closely coordinating with the bank to ensure a full resolution.

According to BSP, CIMB committed to refunding affected customers, stressing that no one would bear financial losses. Refunds have already begun following preliminary investigations.

The BSP pledged to maintain oversight until the matter is fully resolved, reaffirming its mandate to protect financial stability, consumer welfare, and public trust.

The incident highlights the growing cybersecurity risks facing the Philippines’ banking sector as it pushes further into digitalization.

Launched in 2018, CIMB Bank Philippines operates entirely online and has built a customer base of over six million. Its parent, CIMB Group, headquartered in Kuala Lumpur, ranks among ASEAN’s largest banks, known for its emphasis on digital innovation and financial inclusion.