PH banking sector secure vs threats despite passport data breach – BSP

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MANILA – The local banking sector has enough safeguards to ensure that operational risks are minimized, the Bangko Sentral ng Pilipinas (BSP) said following the recent passport data breach.

In a text message, BSP deputy governor Diwa Guinigundo said the central bank had earlier mandated that banks step up their security, especially in terms of information technology (IT) and information security.

“The BSP has already issued appropriate regulations on establishing and sustaining the banks’ IT and information security management. There were also specific advisories issued in the past,” Guinigundo said Sunday.

This comes as Foreign Affairs secretary Teodoro “Teddy Boy” Locsin Jr. last week said that the outsourced passport maker of the Department of Foreign Affairs (DFA) “took all” data of applicants when its contract was terminated.

Locsin said the previous contractor “got pissed” when the current administration terminated its contract, and the government “could not” do anything about it because it was “in the wrong.”

The National Privacy Commission (NPC) said it will be conducting an investigation into the incident and will summon the contractor, the DFA, and other concerned agencies.

The central bank said the banking sector is prepared for such situations.

“The public can be assured that the banking system has well-established risk management systems that would include security against operational risks,” said Guinigundo.

The BSP in 2017 developed a framework to counter cybersecurity threats against the banking industry. (GMA News)

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