With cybersecurity crime being on the rise, the Bangko Sentral ng Pilipinas (BSP) is looking to bolster the country’s financial system’s cybersecurity resilience as well as a public trust by adopting an automated resolution that will keep track of local banks’ compliance with cybersecurity.
The program in question pertains to the Advanced SupTech Engine for Risk-Based Compliance (ASTERisC*), which the central bank has completed and will soon deploy to select BSP Supervised Financial Institutions (BSFIs).
ASTERisC* concerns BSFIs’ cybersecurity risk management. Particularly, over issues regarding the streamlining and automation of regulatory supervision, reporting, as well as compliance assessment, as a unified regulatory and supervisory technology (RegTech and SupTech).
The BSP, which acts as the lead Computer Emergency Response Team (CERT) over the entire BSFIs, will launch the Financial Services Cyber Resilience Plan, led by the bank’s Financial Supervision Sector – Technology Risk and Innovation Department.
The plan is specifically aimed at serving as a guideline for making strategies and policies to bolster cyber defense in the financial services industry