BSP Launches the 2024 - 2029 Financial Services Cyber Resilience Plan

​To strengthen banks and other financial institutions against cyber threats, the Bangko Sentral ng Pilipinas (BSP) launched the Financial Services Cyber Resilience Plan (FSCRP) on August 6, 2024 at the Philippine International Convention Center.

The FSCRP serves as a comprehensive roadmap and primary framework aimed at enhancing the resilience of the financial services sector against cyber threats. It also outlines high-level goals and strategies essential for maintaining the integrity and security of the country’s financial ecosystem.

BSP Governor Eli M. Remolona, Jr. emphasized the importance of cybersecurity in light of the rapid digital transformation in financial services. He encouraged stakeholders to pursue holistic efforts to combat evolving cyber threats. “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.”

Senator Mark A. Villar, ​Department of Information and Communication Technology (DICT) Undersecretary Jeffrey Ian C. Dy, and Bankers Association of the Philippines (BAP) President Jose Teodoro K. Limcaoco attended the launching ceremony. Congressman Irwin C. Tieng also sent his message of support.​

Themed, “Fortifying Cyber-Frontier for BSP-Supervised Financial Institutions (BSFIs),” the event gathered more than 200 executives from BSFIs, industry associations, and government agencies.

Instrumental to FSCRP’s implementation is the Anti-Financial Scamming Act (AFASA) which was enacted into law and signed by the President on 20 July 2024.

Authored by Senator Villar and Congressman Tieng, the AFASA will enhance information sharing and collaboration in the financial community and curb financial crimes, such as social engineering schemes and the acts of money mules.

The FSCRP complements and aligns with the National Cybersecurity Plan 2028, which is implemented by DICT as lead agency. Through the FSCRP, the BSP demonstrates its commitment to national cybersecurity objectives.

On the other hand, the BAP Cybersecurity Incident Database (BAPCID) serves as a critical component of the FSCRP. As the banking industry’s cybersecurity information sharing platform, BAPCID provides opportunities to raise situational awareness and bolster cyber resilience. 

The strategies outlined in the FSCRP will be implemented in phases from 2024 to 2029. This phased approach allows for continuous improvement and responsiveness to the dynamic cyber threat landscape.

The launch of the FSCRP underscores the BSP’s proactive stance in enhancing cybersecurity within the financial sector. As cyber threats continue to evolve, the FSCRP represents a forward-thinking approach to safeguard and promote public trust and confidence in the financial system.
 
The FSCRP is available at: 
​https://www.bsp.gov.ph/Media_And_Research/FSCRP/FinancialServicesCyberResiliencePlan2024-2029.pdf​​