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Nov 7, 2017 @ 18:08

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!

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