Council formed to enhance financial sector security

The Bangko Sentral ng Pilipinas (BSP) has established the Financial Cyber Resilience Governance Council (FCRGC) to enhance collaboration and strengthen cybersecurity across the financial sector.

Launched at the BSP headquarters in Manila on February 11, the Council aims to fortify the country’s financial system by promoting robust cybersecurity governance, risk management, and cooperation among key industry stakeholders.

“This Council represents our collective resolve to strengthen our cyber defenses,” said BSP Governor Eli Remolona Jr.

Monetary Board Member Jose Querubin will serve as the Council’s advisor, while BSP Deputy Governor Chuchi Fonacier and Bankers Association of the Philippines (BAP) Cyber Committee Head Sandeep Uppal will act as chairperson and vice chairperson, respectively.

The Council includes representatives from various financial organizations, such as the Chamber of Thrift Banks, Rural Bankers Association of the Philippines, Philippine E-Money Association, BancNet, and Philippine Clearing House Corporation. Key BSP officials from policy, digital innovation, and technology risk departments will also participate.

The FCRGC is tasked with implementing the 2024-2029 Financial Services Cyber Resilience Plan (FSCRP), which outlines strategic initiatives to safeguard the financial system from cyber threats. The Council will convene quarterly to assess security developments, review cyber threat reports, and recommend policy improvements.

“The role of the Council is clear: it is to lead the way by overseeing industry initiatives so we are on the right track in ensuring that we remain prepared for any threats that may arise,” said Fonacier.

BAP President Jose Teodoro Limcaoco emphasized that the Council symbolizes a unified commitment to protecting the financial sector from cyber risks.