The Bangko Sentral ng Pilipinas (BSP) has adopted an automated resolution that will monitor local banks’ compliance with cybersecurity to strengthen the resilience of the nation’s financial system and public trust in the face of rising cybersecurity crime.
The program in question is the Advanced SupTech Engine for Risk-Based Compliance (ASTERisC*), which the central bank has finished developing and will soon roll out to a few BSP Supervised Financial Institutions (BSFIs).
ASTERisC* is focused on the cybersecurity risk management of BSFIs. In particular, the challenges with the unification of regulatory and supervisory technologies and the streamlining and automation of regulatory supervision, reporting, and compliance assessment (RegTech and SupTech).
The Financial Services Cyber Resilience Plan will be launched by the BSP, which serves as the primary Computer Emergency Response Team (CERT) for the whole BSFIs, under the direction of the bank’s Financial Supervision Sector – Technology Risk and Innovation Department.
The plan’s explicit goal is to act as a blueprint for developing strategies and regulations to strengthen cyber protection in the financial services sector.