BSP warns banks vs data breach

THE Bangko Sentral ng Pilipinas (BSP) reminded financial institutions under its supervision to strengthen their data breach prevention and control mechanisms amid their reliance on digital platforms.

BSP Deputy Governor Chuchi Fonacier said in a memorandum released over the weekend that as BSP-supervised financial institutions (BSFIs) increasingly rely on digital platforms to provide essential financial services. Massive amounts of data and information are accessed, stored, processed, and/or transmitted across various systems and networks by various parties.