Published
By Lee C. Chipongian
Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier said with tighter reporting of cyber-related threats and attacks, the central bank ensures prompt response to control – as best they can – the extent of disruption and damage once an incident is reported to them.
BSP Deputy Governor Chuchi G. Fonacier. (Bloomberg Photo)
Fonacier said any BSP supervisory action is dependent on how fast they could get to information presented by banks hit by cyber attacks.
“It depends on the nature and circumstances surrounding the incident as well as the remedial action or how fast is the response of the bank to the incident,” said Fonacier.
Last week, the BSP announced that the Monetary Board approved changes to existing cybersecurity rules particularly on the reporting by banks of cyber-related issues which should be within two hours of first detecting the incident, followed up by updates inside the first 24 hours.
Fonacier said the BSP will do the necessary procedures and will do it faster, but again this will depend on the extent of disruption and affected…
