To respond to this challenge, we established a framework that provides parameters and best practices to identify, prevent, detect, respond to, and recover from cyber-attacks. In November of last year, we issued information security guidelines. These require BSFIs to manage information security risks within acceptable levels through a dynamic interplay of people, policies, processes, and technologies.
In 2014, BSP started preparing banks on the use of the expected loss methodology through Circular No. 855. Parallel to this, we will enhance the Pillar 3 disclosure requirements for incorporation in banks’ annual reports. The guidelines on accreditation of external auditors across sectors are also being reviewed. These reforms promote market discipline, transparency, and resiliency.