With the establishment to digital banks, we have embedded security standards in our regulatory frameworks for the protection of both the BSP-supervised financial institutions and their customers. Based on our surveillance, cyber incidents rose during the lockdown as financial consumers conduct more transactions online. Cyberthreats were predominantly carried out through phishing and links to malicious websites.
Most of which were promptly addressed by BSPrequired layers of detective and preventive security defenses adopted by our supervised financial institutions. To ensure that these institutions remain vigilant against cybersecurity risks, we advocate a “zero trust” model.