Manila, Philippines – To combat the growing threats across the landscape, the Bangko Sentral ng Pilipinas has officially announced the implementation of its Financial Services Cyber Resilience Plan (FSCRP). This will be rolled out in phases from 2024 to 2029 to facilitate continuous improvement and adaptation to the changing cyber threat landscape.
Included in this plan, BSP outlined a comprehensive strategy to bolster the cyber resilience of the financial sector. They have also detailed the primary objectives and key strategies in order to maintain the integrity and security of the financial ecosystem of the country.
Alongside this effort, the plan was aligned with the National Cybersecurity Plan 2028, spearheaded by the country’s DICT. This move reaffirms the bank’s commitment to national cybersecurity goals.
Another key component that contributed to FSCRP’s implementation was the Anti-Financial Scamming Act (AFASA), which was signed into law on July 20, 2024.This law is aimed at improving the information sharing and collaboration within the financial community and combat financial crimes including social engineering schemes and the use of money mules.
Speaking about the initiative, Eli M. Remolona, Jr., governor at BSP, said, “The 2024–2029 Financial Services Cyber Resilience Plan is a key pillar in the industry’s cybersecurity journey. I urge all stakeholders to embrace this plan as a commitment to building trust, reliability, and security in financial services for every Filipino.”
