BSP launches cyber resilience program

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has launched the financial services cyber resilience plan (FSCRP) to continually enhance the industry’s cybersecurity capabilities, pursue reforms to address threats and preserve public trust in the digital financial system.

The BSP also launched new online training platforms to strengthen consumer protection and widen the reach of financial education (fin-ed).

During the launch of the FSCRP 2024 to 2029 yesterday, BSP Governor Eli Remolona Jr. said the framework supports the central bank’s mission to fortify the security posture of the financial system.

“In an era where digital transformation is reshaping the financial landscape, robust cybersecurity measures have never been more critical,” Remolona said.

“The FSCRP is our proactive response to the growing complexities of cyber threats. It embodies our commitment to safeguarding the integrity and stability of the financial system and the trust in the system.”

In collaboration with key stakeholders, the FSCRP outlines four high-level goals and strategic initiatives to tackle emerging threats and manage systemic cyber risks.

The framework highlights industry wide measures to boost coordinated incident response mechanisms, encourage active information sharing, strengthen cybersecurity culture and awareness as well as promote best practices across various cybersecurity domains.

The FSCRP will apply to all BSP-supervised financial institutions (BSFIs), key financial market infrastructures within the BSP’s supervisory authority, cybersecurity organizations and private sector participants that provide IT and information security services to financial institutions..

“To ensure smooth plan implementation, the FSCRP shall be assessed, at least quarterly, to adjust priority actions vis-à-vis developments in the cyberthreat landscape,” the central bank said.

“Metrics shall also be developed to determine the level of achievement of each key goal as well as evaluate the industry’s overall cyber resilience posture,” it added.

Meanwhile, the central bank also launched the BSP E-Learning Academy (BELA), an online platform that provides e-learning courses on personal finance, economics and central banking.

The BSP said BELA complements the central bank’s existing fin-ed programs that are delivered face-to-face and through other modalities.

A select group of stakeholders is currently testing the BELA platform, which is expected to be fully available to the public by the second quarter of 2025.

The BSP also launched the first batch of the BSP-BDO Foundation (BDOF) fin-ed e-learning modules, which cover financial planning, budgeting and saving as well as debt management. The modules can be accessed through BELA and will soon be available on the e-learning platforms of the BSP’s institutional fin-ed partners.

The BSP-BDOF is developing six additional courses, which will include topics like the basics of investing, fraud and scams, financial consumer protection, digital financial literacy, Personal Equity Retirement Account and relevant economic indicators.

The BSP also signed a memorandum of agreement (MOA) with the Department of Social Welfare and Development and BDOF, formalizing their cooperation in designing and implementing a fin-ed program for DSWD employees and social welfare officers of local government units. This will be part of the DSWD Academy’s regular training program.

“Our initiatives are designed to help people safeguard credit cardholders from potential pitfalls, transform over 37,000 DSWD employees and 3,600 local social welfare officers into champions of financial literacy and capacitate over 10.8 million Filipino farmers and fisherfolk through innovative educational tools,” BSP Deputy Governor Bernadette Romulo-Puyat said.

Further, the BSP signed a memorandum of understanding with the Department of Agriculture and BDOF to consolidate fin-ed programs they developed for farmers and fisherfolk.

The BSP and the Credit Card Association of the Philippines (CCAP) also signed a MOA to craft a credit card e-learning course and provide stakeholders with learning resources. The course will be accessible through BELA.