The Bangko Sentral ng Pilipinas (BSP) has unveiled its Financial Services Cyber Resilience Plan (FSCRP) to bolster the defense of banks and other financial institutions against cyber threats.
The plan outlines a comprehensive strategy to enhance the resilience of the financial services sector against cyber threats, detailing high-level goals and essential strategies to maintain the integrity and security of the country’s financial ecosystem.
The Anti-Financial Scamming Act (AFASA), which was signed into law on 20 July 2024, plays a crucial role in the FSCRP’s implementation.
Authored by Senator Villar and Congressman Tieng, AFASA aims to enhance information sharing and collaboration within the financial community and combat financial crimes such as social engineering schemes and the use of money mules.
The cyber resilience plan aligns with the National Cybersecurity Plan 2028, led by DICT, reaffirming BSP’s commitment to national cybersecurity goals.
The BAP Cybersecurity Incident Database (BAPCID) is a key component of the FSCRP, serving as the banking industry’s cybersecurity information-sharing platform to enhance situational awareness and strengthen cyber resilience.
The FSCRP’s strategies will be implemented in phases from 2024 to 2029, allowing for continuous improvement and adaptation to the evolving cyber threat landscape.
BSP Governor Eli M. Remolona, Jr. said,
“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.”
