BSP chief Diokno vows to beef up cybersecurity defenses
MANILA, Philippines — Benjamin Diokno on Wednesday spelled out his priorities as newly-appointed Bangko Sentral ng Pilipinas governor, saying strengthening financial institutions’ cybersecurity safeguards will continue under his watch.
"Knowing that IT security has systemic implications, the BSP, under my leadership shall continue strengthening its ability to address these threats," Diokno said during his first news conference as central bank chief.
Banks and financial institutions are now required to report security breaches within two hours of detection as the BSP steps up its campaign against cybercrime.
Last year, BSP Deputy Governor Chuchi Fonacier said the Monetary Board has approved the proposed reporting requirement for cybersecurity and other information technology-related matters
The Philippines was used as a conduit when hackers stole $81 million from the account of the Bangladesh Bank in the US.
The stolen funds laundered in casinos entered the country via Rizal Commercial Banking Corp. (RCBC), which was later slapped with a record fine of P1 billion.
President Rodrigo Duterte signed Republic Act 10927 amending RA 9160 or the Anti-Money Laundering Act of 2001, which states that casino cash transactions in excess of P5 million must be reported to the Anti-Money Laundering Council. — Ian Nicolas Cigaral
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