Central Bank to order all banks to report tech glitches w/in 2 hrs

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DAVAO CITY (OCTOBER 22)— The Bangko Sentral ng Pilipinas (BSP)  will order all  banks to submit report concerning  cybersecurity issues in their system within two hours of its discovery.

Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi Fonacier said the Monetary Board,  the  central bank’s policy-making has approved  the stricter measure during their weekly meeting Thursday.

Fonacier who was interviewed by reporters at the  sidelines of the Euromoney Investment Forum in Makati City Friday,  said  the measure approved by the board will come out this week in a form of  circular, which will be implemented by the banks.

BSP Supervisory Data Center Director Vicente T. De Villa III explained that an initial report covering the basic information about the breach should be submitted “within two hours from incident. ” But “a follow up report containing more relevant details (is) required within 24hrs from incident,” he added.

The BSP has issued several Circulars directing banks to fortify their information technology (IT) systems against cyber criminals to protect not only the financial institution but also their clients and the whole system.

 

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