By Francis Allan L. Angelo
The Bangko Sentral ng Pilipinas (BSP) launched the Financial Services Cyber Resilience Plan (FSCRP) on August 6, 2024, at the Philippine International Convention Center, aiming to fortify the cybersecurity defenses of the nation’s financial institutions.
The FSCRP provides a comprehensive framework designed to enhance the resilience of the financial services sector against cyber threats.
It outlines high-level goals and strategies crucial for maintaining the integrity and security of the country’s financial ecosystem.
BSP Governor Eli M. Remolona, Jr. highlighted the significance of cybersecurity amid the rapid digital transformation in financial services.
“The 2024-2029 Financial Services Cyber Resilience Plan is a key pillar in the industry’s cybersecurity journey. I urge all stakeholders to embrace this plan as a commitment to building trust, reliability, and security in financial services for every Filipino,” Remolona stated.
The event, themed “Fortifying Cyber-Frontier for BSP-Supervised Financial Institutions (BSFIs),” drew over 200 executives from BSFIs, industry associations, and government agencies.
Notable attendees included Department of Information and Communication Technology (DICT) Undersecretary Jeffrey Ian C. Dy, Senator Mark A. Villar, and Bankers Association of the Philippines (BAP) President Jose Teodoro K. Limcaoco. Congressman Irwin C. Tieng also conveyed his support.
Instrumental to the FSCRP’s implementation is the Anti-Financial Scamming Act (AFASA), signed into law on July 20, 2024.
Authored by Senator Villar and Congressman Tieng, AFASA aims to enhance information sharing and collaboration within the financial community to curb financial crimes, such as social engineering schemes and the use of money mules.
The FSCRP aligns with the National Cybersecurity Plan 2028, implemented by DICT. Through this plan, the BSP underscores its commitment to national cybersecurity objectives.
Additionally, the BAP Cybersecurity Incident Database (BAPCID) serves as a critical component of the FSCRP, offering a platform for cybersecurity information sharing within the banking industry to boost situational awareness and cyber resilience.
“The launch of the FSCRP underscores the BSP’s proactive stance in enhancing cybersecurity within the financial sector. As cyber threats continue to evolve, the FSCRP represents a forward-thinking approach to safeguard and promote public trust and confidence in the financial system,” Remolona emphasized.
The strategies outlined in the FSCRP will be implemented in phases from 2024 to 2029, allowing for continuous improvement and responsiveness to the dynamic cyber threat landscape.
The FSCRP is available at: https://www.bsp.gov.ph/Media_And_Research/FSCRP/FinancialServicesCyberResiliencePlan2024-2029.pdf
