February 24, 2024

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Tightened cyber-threat reporting regulations for financial institutions

Financial institutions have been the recipient of increasingly persistent, sophisticated and targeted attacks, according to a recent report.

Because of this, the Monetary Board (MB) has recently approved amendments to existing regulations, which have tightened the reporting regime on cyber-related incidents and operational disruptions for Bangko Sentral supervised financial institutions (BSFIs).

With cooperation from BSFIs, which are expected to provide prompt reporting of these incidents, the Bangko Sentral ng Pilipinas (BSP) will have an enhanced visibility on the changing IT risk landscape.

This will proactively guarantee that their impact and resulting risks are minimised and contained to prevent potential systemic risks to the financial system.

The amendments include shortening the permissible length of time the institutions are allowed to report the incident.

From ten (10) calendar days that are prescribed under existing regulations, they are now required to report major cyber-related incidents and disruptions of financial services and operations within two (2) hours from the discovery of the incident.

This is necessary especially with the speed of exploitation and proliferation of attack tools and actors nowadays.

Moreover, this will aid in determining the potential massive extent of damage from cyber-related incidents.

Being provided with a quick access to information on these incidents will enable the Bank to alert other banks, industry associations and other relevant stakeholders that may have also be affected by a specific attack.

The affected BSFIs, after providing the initial notification, are likewise required to submit a follow-up report within twenty-four (24) hours after the incident containing information on the manner and the time of initial detection, impact of the incident, and the initial remedial response done.

The Bank, on its part, will closely monitor the situation and coordinate with all the other concerned institutions.

It will also undertake appropriate supervisory actions, if warranted, until full resolution of the incident has been reached.

Moreover, the BSP may swiftly issue appropriate advisories, security bulletins, and/or policies to prevent recurrence of the incident and be able to promote enterprise and industry-wide operational resilience.

These new regulations are consistent with BSP Circular No. 982 on enhanced guidelines on information security management, which was issued in 2017.

This identified incident reporting as part and parcel of the incident management plans of BSFIs. The new issuance is also timely as the institutions are preparing for full compliance to this circular by 26 November 2018.

In addition, the new regulations will further strengthen the Bank’s cyber-threat surveillance capabilities, which is crucial for industry-wide cyber-preparedness, protection and crisis management.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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