Philippine banks remain relatively safe from serious cybersecurity threats but monetary authorities aren’t letting up on efforts to improve industry vigilance, the chief of the Bangko Sentral ng Pilipinas (BSP) said. Espenilla nevertheless said monetary authorities could not be too cautious given the rising sophistication of cyberattacks. The Bangko Sentral chief that soon-to-be-issued regulations would clarify expectations on the role of banks’ boards and senior management with regard to security risk management. Besides rules involving top management, the BSP chief added that monetary authorities would also be issuing prescriptive measures detailing cybersecurity expectations as well as adopt prevailing international standards. Banks are also being rated by the Bangko Sentral in terms of the strength of their cybersecurity systems as well as their risk management frameworks, he added.

Source: Manila Times October 26, 2017 17:03 UTC