BSP orders banks to ramp up anti-hacking measures
Cyber thieves are getting better by the minute.
The Bangko Sentral ng Pilipinas (BSP) has required banks and non-bank financial companies to put in place a solid information security management protocol to better protect their systems and customers from cyber-attacks.
In a statement, the BSP said banks should elevate their security standards to remain one step ahead of “fast-evolving” online threats and hacking schemes.
“Various researches and publications projected global cybercrime losses to increase exponentially with the financial services industry remaining to be a prime target across all industries. If not properly managed, cyber-threats and attacks launched against Bangko Sentral supervised financial institutions (BSFIs) may result in operational, legal, reputational, and systemic risks,” the BSP said.
Banks have been given a year to upgrade their internal rules, as well as to set up 24/7 security centers to monitor hacking and fraud attempts.
It’s better to be safe than sorry!