BSP champions SupTech  Solution and industry-wide initiatives for cyber resilience

The Bangko Sentral ng Pilipinas (BSP) is pushing for industry-wide initiatives to further enhance cyber resilience and public trust and confidence in the financial system.

The BSP 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.

The BSP continuously engages the BSFIs, relevant government agencies, and industry associations for a cohesive and industry-wide approach to addressing emerging threats and risks, as well as enhancing cyber incident response, threat intelligence, and overall situational awareness in the country.

The BSP constantly reminds the public to practice cyber hygiene under its cyber awareness and digital literacy program themed, “#E-Safety is Everyone’s Responsibility.”

The BSP is committed to ensuring the cyber resilience of the Philippine financial system to promote its soundness and stability.