Information sharing is vital to strengthen the banking sector’s fight against cyber attacks, the Bangko Sentral ng Pilipinas (BSP) said on Wednesday.
BSP Deputy Governor Chuchi Fonacier acknowledged that while emerging technologies advance the way banks design and deliver their services and products, they also “place additional dimensions to cyber-risks that we should all be worried about.”
She added cybercriminals have been aggressively introducing more threats targeting critical infrastructures to get confidential information.
“Financial losses, operations disruptions, reputational risks and public distrust—these are just some of the negative consequences of a cyber attack, as highlighted in recent incidents,” the BSP official said in her speech during the “Managing Cybersecurity in the Age of Digital Transformation” forum in Taguig City.
This, she stressed, calls for the need to practice information sharing on cyber security threats.
“Beyond merely enforcing compliance, cooperation and collaborative engagements among relevant stakeholders, which include fellow regulators, the banking industry, as well as relevant government agencies, play a critical role in enhancing the financial system’s cyber resilience,” she said.
Fonacier also urged BSP-supervised financial institutions that while they heighten their system, they also need to “step-up their information security posture … beyond their respective networks.”
“So, it would not just your network. Information sharing allows BSP-supervised financial inclusion to enhance the threat intelligence, enables the quick identification, prevention and response to emerging and persistent threats,” she added.
The Department of Information and Communications Technology (DICT), on the other hand, said it has partnered with international computer emergency response team (CERT) to share threat information.
“We just partnered with Malaysia, other countries. Australia is coming soon, other governments in Asean members in strengthening international cooperation,” Allan Cabanlong, DICT Assistant Secretary, in-charge for cybersecurity and enabling technologies, said during his presentation.
Cabanlong also expressed confidence with the country’s banking industry.
“Financial institutions are being attacked [every single day], [but they remain]resilient. They can still operate even under attack,” he said.
“If not, then maybe you’ll withdraw your money from the banks,” the DICT official added.