The Bangko Sentral ng Pilipinas (BSP) said it launched the Financial Cyber Resilience Governance Council (FCRGC) to boost collaboration across the financial sector to strengthen cyber resilience.
In a statement Wednesday, the BSP said the FCRGC which was launched at its head office in Manila on Feb. 11, aims to foster a safe, secure, and resilient financial system by promoting strong cybersecurity practices, governance, and collaboration.
“This Council represents our collective resolve to strengthen our cyber defenses,” BSP Governor Eli Remolona Jr. said.
Monetary Board Member Jose Querubin will serve as the Council’s advisor while BSP Deputy Governor Chuchi Fonacier and Bankers Association of the Philippines (BAP) Cyber Committee Head Sandeep Uppal will serve as chairperson and vice chairperson, respectively.
Council members include representatives from the Chamber of Thrift Banks, Rural Bankers Association of the Philippines, Philippine E-Money Association of the Philippines, BancNet, and Philippine Clearing House Corporation.
The heads of the BSP’s Policy and Specialized Supervision Sub-Sector, Technology and Digital Innovation Office, and Technology Risk and Innovation Supervision Department will also serve in the council.
The Council will implement the 2024-2029 Financial Services Cyber Resilience Plan (FSCRP), which BSP launched on Aug. 6, 2024.
The plan outlines high-level goals and strategies to maintain the integrity and security of the country’s financial system.
The Council will meet quarterly to discuss the success metrics of the FSCRP, review relevant cyber threat reports, and recommend policy enhancements.
“The role of the Council is clear: it is to lead the way by overseeing industry initiatives so we are on the right track in ensuring that we remain prepared to any threats that may arise,” Fonacier said.
BAP president Jose Teodoro Limcaoco meanwhile said the Council is a symbol of unity and shared commitment to protect the financial system. (PNA)
