The Bangko Sentral ng Pilipinas (BSP) has received the Cyber Resilience Initiative Award for the implementation of the Advanced SupTech Engine for Risk-based Compliance or ASTERisC* in the 2023 FinTech & RegTech Global Awards.
The FinTech & RegTech Global awards is organized by the Central Banking, a globally recognized organization which provides mainstream publications on central banking as well as organizes key events, meetings and global awards aimed at advancing central banking and financial supervision agenda.
The Cyber Resilience Initiative Award recognizes innovative programs and/or solutions by a central bank, regulator or supervisor in improving cyber resilience in the areas of improved detection, contingency management and overall system security.
The BSP won the 2023 Cyber Resilience Initiative Award for its implementation of the ASTERisC*, a pioneering RegTech and SupTech cloud-based solution which automates the BSP’s cybersecurity supervision while easing regulatory compliance of supervised institutions. Through the ASTERisC*, BSP Supervised Financial Institutions (BSFIs) can directly access and transmit cybersecurity-related reports and information in real-time. The system likewise enables deeper analyses and correlation capabilities to help the BSP implement risk-based and proactive supervisory decisions and set policy direction on cybersecurity.
Bangko Sentral Governor Felipe M. Medalla said, “The BSP is honored to receive the Cyber Resilience Initiative global award in recognition of the hard work and pioneering efforts of the BSP in championing cybersecurity amidst rapidly evolving cyberthreat concerns. I am proud that ASTERisC* puts the BSP at the forefront of achieving swift, coordinated, and intelligence-driven cybersecurity supervision. ASTERisC* serves as a monumental precedent for future digital initiatives of the BSP.”
Ms. Joasia E. Popowics, Chair, FinTech & RegTech Global Awards, further claimed, “As cyber-attacks continue to become more sophisticated, Central Banking was impressed with the Bangko Sentral ng Pilipinas’ innovative use of regtech and suptech that powers its proactive risk strategy. ASTERisC* is an important example of how technology can be harnessed to understand threats in real-time.”
BSP Deputy Governor Chuchi G. Fonacier accepted the award on behalf of the Bangko Sentral on 13 June 2023 during the Central Banking Summer Meetings in London.
“We see the fast evolving and sophisticated nature of cybersecurity threats,” Ms. Chuchi G. Fonacier, Deputy Governor of the Financial Supervision Sector of the BSP tells Central Banking. “And as such, cybersecurity supervision must also step up to cope with the dynamic landscape. The project started at the onset of the global pandemic, which is a “challenging” yet “opportune” time as cyberattacks further escalated.”
“Threat actors shall continue the cycle of exploiting controls, systems and vulnerabilities,” she added, “With the ASTERisC* platform, the BSP can be more proactive in deploying early interventions and engaging relevant industry stakeholders.”