FINEX tackles cybercrime issue with BSP Governor
“The Rising Threat of Cybercrime” was a recent theme of a FINEX (Financial Executives Institute of the Philippines) forum held at the Dusit Thani Hotel.
Newly-designated BSP Governor Nestor Espenilla Jr. was the main speaker who spoke on the opportunities and risks in the evolving cyberworld today. He said that the detection and prevention of cybercrime especially in its regulated industry like banking was one of his new administration’s major concerns.
Espenilla said new memoranda and amendments to recent BSP policy issuances will be regularly undertaken. The new policies released in the first quarter of 2017 include BSP Circular 958 (Multi-Factor Authentication Techniques), BSP Circular 951 (Business Continuity Management Guidelines) and BSP Circular 949 (Social Media Risk Management Guidelines).
Various BSP Memoranda had also been issued covering EMV Migration, Phishing and Fraudulent Websites and Ransomware and other malware attacks, among others.
Also discussed was the BSP’s own CyberSecurity Risk Management Process. Meantime, Manuel Joey A. Regala, (Vice President of UCPB) revealed that banks have banded together to make a collective effort to create a defense mechanism from cyber attacks on client and bank accounts.
On the other hand, Stephen Cutler, a senior consultant of Omnipay, one of the world’s largest payment solution providers, gave possible solutions to the problems encountered in cyberworld both in the local and international scenes.
Among the panelists were: Roland V. Oscuro, SVP, Senior Information Officer and Data Privacy Officer of the PNB, Grace Palma Tiongco who is FINEX VP-Professional Development and a Director, and Atty. Billy Cortez (Co-Chair of the Professional Development Committee) and Independent Director of the First Metro Investment Corporation.
Zoilo “Bingo” Dejaresco III, Chair of the FINEX Professional Development Committee welcomed the guests and speakers. Michael Guarin, Vice Chair of the Committee (Partner, KPMG R.G. Manabat and Co) served as Master of Ceremonies.
The Forum was the committee’s third this year—preceded by a forum on PERA and an Economic Briefing.
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