Secondly, it stressed that the politically neutral central bank should carry out bank supervision, a process that needs to be shielded from political pressure. It was also more efficient if bank supervision remained entrusted to the BOK, which already possessed the adequate human and physical resources.
Since 2013, the BSP has issued several regulations aimed at mitigating the effects of technology and cyber-related risks in BSP Supervised Financial Institutions (BSFIs). These regulations address various facets of technology, such as social media risk management, business continuity management and multi-factor authentication. Recent issuances also include specific guidance on managing data breaches and SMS-based attacks as well as combatting ransomware.