THE BANGKO SENTRAL ng Pilipinas (BSP) has launched a council to strengthen cooperation on cyber resilience in the financial sector.
The central bank on Feb. 11 launched the Financial Cyber Resilience Governance Council (FCRGC), it said in a statement on Wednesday,
“The FCRGC aims to foster a safe, secure, and resilient financial system by promoting strong cybersecurity practices, governance, and collaboration,” the BSP said.
The council is tasked to implement the 2024-2029 Financial Services Cyber Resilience Plan, which was launched in August 2024. “This plan outlines high-level goals and strategies to maintain the integrity and security of the country’s financial system.”
“This council represents our collective resolve to strengthen our cyber defenses,” BSP Governor Eli M. Remolona, Jr. said.
Central bank data showed that nearly 60% of cyber fraud losses reported by BSP-supervised financial institutions in 2023 were due to account takeovers, identity theft and phishing.
The finance and insurance industry was the top most attacked sector in 2018 and 2020, and ranked second from 2021 to 2022, according to the IBM X-Force Threat Intelligence Index report.
The cyber resilience council will be headed by Monetary Board Member Jose L. Querubin as the group’s advisor.
Meanwhile, BSP Deputy Governor Chuchi G. Fonacier and Bankers Association of the Philippines (BAP) Cyber Committee Head Sandeep Uppal will serve as the FCRGC’s chairperson and vice chairperson, respectively.
“The role of the council is clear: it is to lead the way by overseeing industry initiatives so we are on the right track in ensuring that we remain prepared to any threats that may arise,” Ms. Fonacier said.
“The council is a symbol of our unity, of our shared commitment to protect the financial system, and of our resolve to outpace and outmaneuver those who seek to undermine it,” BAP President Jose Teodoro K. Limcaoco added.
Members of the council will also include representatives from the Chamber of Thrift Banks, Rural Bankers Association of the Philippines, Philippine E-Money Association of the Philippines, BancNet, Inc., and Philippine Clearing House Corp.
“The heads of the BSP’s Policy and Specialized Supervision Sub-Sector, Technology and Digital Innovation Office, and Technology Risk and Innovation Supervision Department will also serve in the council,” the central bank said.
The council will meet quarterly to discuss success metrics and policy recommendations, as well as review cyber threat reports. — Luisa Maria Jacinta C. Jocson
