BSP launches cyber resilience program

The Bangko Sentral ng Pilipinas (BSP) has launched the financial services cyber resilience plan (FSCRP) to continually enhance the industry's cybersecurity capabilities, pursue reforms to address threats and preserve public trust in the digital financial system.

- KEISHA TA-ASAN

The BSP also launched new online training platforms to strengthen consumer protection and widen the reach of financial education (fin-ed).

During the launch of the FSCRP 2024 to 2029 yesterday, BSP Governor Eli Remolona Jr. said the framework supports the central bank's mission to fortify the security posture of the financial system.

"In an era where digital transformation is reshaping the financial landscape, robust cybersecurity measures have never been more critical," Remolona said.

"The FSCRP is our proactive response to the growing complexities of cyber threats. It embodies our commitment to safeguarding the integrity and stability of the financial system and the trust in the system." In collaboration with key stakeholders, the FSCRP outlines four high-level goals and strategic initiatives to tackle emerging threats and manage systemic cyber risks.

The framework highlights industry wide measures to boost coordinated incident response mechanisms, encourage active information sharing, strengthen cybersecurity culture and awareness as well as promote best practices across various cybersecurity domains.