BSP to Strengthen Cybersecurity With Regtech and Suptech

The Bangko Sentral ng Pilipinas (BSP) has mentioned that it plans on deploying its just completed Advanced SupTech Engine for Risk-Based Compliance (ASTERisC*) to select BSP supervised financial institutions (BSFIs) to strengthen cybersecurity measures via technology-based supervision.

ASTERisC* is a unified supervisor and regulatory technology or RegTech and SupTech solution that can automate and streamline regulatory reporting, supervision, and compliance assessment of BSFIs’ cybersecurity risk management said BSP.

As a leader in the Computer Emergency Response Team (CERT) covering all BSFIs, the BSP will most likely issue the Financial Services Cyber Resilience Plan soon after being prepared by the Financial Supervision Sector-Technology Risk and Innovation Department.

The BSP has said that “The plan, which will serve as the primary framework for policies and strategies to strengthen cyber defense in the financial services industry, is expected to bolster the regulatory and supervisory environment for cyber security,”

They are also working with the needed government agencies and industry associations for a “cohesive and industry-wide approach” against new risks and threats. This method will also comprise threat intelligence, cyber incident response, and overall situational awareness in the Philippines.

“The BSP is committed to ensuring the cyber resilience of the Philippine financial system to promote its soundness and stability,”  they add.

The SupTech and RegTech solutions of the BSP aim to target the quality of risk-based decision-making while improving timeliness. These tech solutions are part of the next generation of digital supervision tools and techniques.

Back in 2020, the BSP began exploring RegTech and SupTech like Intelligent Detection of Atypicality (IDeA) and the ASTERisC*.

Source: Manila Bulletin