BSP to require BSFIs to level up cyber security

THE central bank is set to require BSP Supervised Financial Institutions (BSFIs) to implement a measure that enables these institutions to assess their cybersecurity maturity as the financial sector combats “evolving” cyber threats.

- Andrea E. San Juan

“Digital financial and payment services and platforms continue to evolve rapidly, with innovative solutions emerging to enhance customer experience, improve operational efficiency, expand accessibility, and strengthen market competitiveness,” the Bangko Sentral ng Pilipinas (BSP) said in an explanatory note on the Proposed Cybersecurity Control Self-Assessment Requirement.

As these developments are accompanied by a “corresponding increase” in cyber threats which heighten risks to both financial institutions and their customers, the central bank said it has come up with a proposal to strengthen BSP’s supervisory oversight.

The central bank will do so by adopting a “more proactive” approach through the implementation of a Cybersecurity Control Self-Assessment (CCSA) requirement for BSP Supervised Financial Institutions (BSFIs).