BSP Assembles Council to Enhance Cyber Defences Among Financial Institutions

The Bangko Sentral ng Pilipinas (BSP) has introduced the Financial Cyber Resilience Governance Council (FCRGC) to enhance collaboration within the financial sector and bolster cyber defences.

Unveiled on February 11, 2025, at the BSP headquarters in Manila, the FCRGC aims to create a more secure and resilient financial ecosystem. BSP believes that it can all be done by promoting robust cybersecurity practices and governance.

Eli M. Remolona Jr, the Governor of BSP highlighted the necessity of reinforcing cyber defences due to increasing digital threats.

“This Council reflects our united commitment to strengthening our cyber defences,” he stated.

Monetary Board Member Jose L. Querubin, will be advising the Council. BSP Deputy Governor Chuchi G. Fonacier will be helping, serving as a Chairperson while Sandeep Uppal, Head of the Bankers Association of the Philippines (BAP) Cyber Committee, as Vice Chairperson.

A key responsibility of the FCRGC is to oversee the implementation of the 2024-2029 Financial Services Cyber Resilience Plan (FSRCP), introduced on August 6, 2024. This strategic framework sets high-level objectives and initiatives to safeguard the financial sector from cyber threats.

Deputy Governor Fonacier emphasised the Council’s leadership role in steering industry initiatives to ensure readiness against emerging threats. BAP President Jose Teodoro K. Limcaoco added that the Council symbolises unity and collective determination to protect the financial system.

The Council includes representatives from various banking and financial organisations, including the Chamber of Thrift Banks, Rural Bankers Association of the Philippines, Philippine E-Money Association, BancNet, and the Philippine Clearing House Corporation.

BSP officials specialising in policy, technology, and risk management will also participate.

Meeting quarterly, the Council will assess FSRCP progress, review cybersecurity reports, and propose policy improvements to strengthen financial sector resilience.

Source: Business World