Manila, Philippines – The Bangko Sentral ng Pilipinas has recently announced its plans for a financial services cyber resilience framework for 2024–2029, focusing on the promotion of coordinated response mechanisms and active information sharing on cybersecurity standards in the financial industry.
Along with the framework, the bank is also working on an AI roadmap to strengthen the sector’s defences against cyberthreats associated with advanced technologies. This initiative is expected to be launched next year, given the bank’s continuous assessment and exploration of AI in terms of customer relations management, banking supervision, virtual assistance, fraud detection, process automation, analytics, and predictive modelling.
Talking about the initiative, Chuchi Fonacier, deputy governor at BSP, said, “The BSP will soon launch the 2024–2029 Financial Services Cyber Resilience Plan, which aims to promote defined and coordinated incident response mechanisms, active information sharing, a strong cybersecurity culture, and holistic cybersecurity best practices in the financial sector.”
She further added, “The important components really are the sharing of information. Currently, I know there is some kind of a hesitation, but I think once this [plan] will be in place, then there will no longer be some hesitation to share because you know that the information will be handled properly and confidentially among the ecosystem members.”
Meanwhile, Melchor Plabasan, senior director for the technology risk and innovation supervision department at BSP, stated, “Ultimately, the objective of this particular study is to come up with baseline principles on responsible use of AI in the financial services industry. We don’t intend to introduce another licensing regime for AI. It’s not part of the plan. The intention really is high-level principles on the use of AI within the industry.”
