Restituto Cruz, sector-in-charge of the central bank’s Financial Supervision Sector, issued Memorandum 2019-016 reminding banks about cyberthreat intelligence and collaboration. Cruz reminded banks and financial institutions about Circular 982 issued in November 2017 mandating moderate to complex BSP supervised financial institutions to actively participate in information sharing organizations and fora within the financial services industry. Last October, the BSP raised the bar for its campaign against cybercrime by requiring banks and financial institutions to report security breaches within two hours. The enhanced information security framework strengthened cybersecurity controls in line with a rapidly evolving cyberthreat landscape surrounding financial institutions. The new guidelines, one of the first in Southeast Asia, cover a holistic framework on information security risk management as an integral part of the banks’ information security program, enterprise risk management system and governance mechanisms.

Source: Philippine Star June 14, 2019 16:00 UTC