Thursday, June 20, 2024

BSP to deploy cybersecurity monitoring tool for banks

In an effort to further enhance cyber resilience and public trust in the financial system, the Bangko Sentral ng Pilipinas (BSP) said it will soon adopt an automated solution to monitor the cybersecurity compliance of local banks.

The central bank said it recently completed the Advanced SupTech Engine for Risk-Based Compliance (ASTERisC*), which will soon be deployed among selected BSP Supervised Financial Institutions (BSFIs).

ASTERisC* is a unified regulatory and supervisory technology (RegTech and SupTech) solution that streamlines and automates regulatory supervision, reporting, and compliance assessment of BSFIs’ cybersecurity risk management.

As lead Computer Emergency Response Team (CERT) covering all BSFIs, the BSP will be issuing the Financial Services Cyber Resilience Plan, spearheaded by the central bank’s Financial Supervision Sector – Technology Risk and Innovation Department.

The plan, which will serve as the primary framework for policies and strategies to strengthen cyber defense in the financial services industry, is expected to bolster the regulatory and supervisory environment for cyber security.

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