Wary of risks, BSP warns banks against use of pirated software

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The Bangko Sentral ng Pilipinas (BSP) issued on Wednesday, May 28, an amendment to its previous circular to advice banks and financial institutions against installing bootlegged software.

Photo credit: InterAksyon.com
Photo credit: InterAksyon.com

The BSP first released Circular 808 in August 2013, which sought to put in place a comprehensive guideline on IT risk management for banks and other financial firms in the country.

The amendment to the circular seeks to further enhance the guidelines by “limiting or mimizing risks from authorized or obsolete software.”

“Installation should be controlled to minimize risks from unauthorized software (such as loss of data, reduced productivity and unnecessary consumption of network bandwidth,” the memo said.

“Licenses should also be adequately reviewed, safe kept and monitored to ensure proper usage and adherence to terms and conditions,” it added.

The supplemental rule, which was issued in pursuant to a Monetary Board resolution last April 30, 2014, was signed by BSP governor Amando Tetangco Jr.

The amendment is scheduled to take effect 15 days following its publication.

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