Central Bank Warns of Data Breaches

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On August 5, 2021, the Banko Sentral ng Pilipinas (BSP), the country’s central bank, issued Memorandum No. M-2021-043. The document cautioned all BSP-Supervised Financial Institutions (BSFIs) on possible data breaches due to the increased adoption of digital platforms in the provision of financial services and current remote working arrangements which could possibly expose sensitive and confidential information. 

 

In order to avoid these data breaches, BSFIs were reminded of their obligations to promote information security education and awareness campaigns, adopt adequate security policies, implement security solutions, and acquire a defense in depth approach in managing cybersecurity. 

 

The full memorandum order can be accessed here.