The Bangko Sentral ng Pilipinas (BSP) has recently been conferred the “Cyber Resilience Initiative Award” at the just-concluded 2023 FinTech & RegTech Global Awards for its implementation of the “Advanced SupTech Engine for Risk-based Compliance” (ASTERisC*), a cloud-based solution through which BSP Supervised Financial Institutions (BSFIs) can directly access and transmit cybersecurity-related reports and information in real-time.
The FinTech & RegTech Global awards bring together the official sector and the FinTech and RegTech communities to celebrate the most exciting and innovative conducted work being done.
It is being organized by Central Banking, a globally recognized organization, which provides mainstream publications on central banking, as well as organizes key events, meetings, and global awards aimed at advancing central banking and financial supervision agenda.
IMAGE CREDIT: https://stock.adobe.com
Meanwhile, the Cyber Resilience Initiative Award recognizes innovative programs or solutions by a central bank, regulator, or supervisor in improving cyber resilience in areas of improved detection, contingency management, and overall system security.
The BSP won the 2023 Cyber Resilience Initiative Award for its implementation of the ASTERisC*, a pioneering RegTech and SupTech cloud-based solution which automates BSP’s cybersecurity supervision while easing regulatory compliance of supervised institutions.
The system likewise enables deeper analyses and correlation capabilities to help the BSP implement risk-based and proactive supervisory decisions and set policy direction on cybersecurity.
In a press release, Bangko Sentral Governor Felipe M. Medalla said, “The BSP is honored to receive the Cyber Resilience Initiative global award in recognition of the hard work and pioneering efforts of the BSP in championing cybersecurity amidst rapidly evolving cyber threat concerns.”
“I am proud that ASTERisC* puts the BSP at the forefront of achieving swift, coordinated, and intelligence-driven cybersecurity supervision. ASTERisC* serves as a monumental precedent for future digital initiatives of the BSP,” he adds.
Ms. Joasia E. Popowics, Chair, FinTech & RegTech Global Awards, for her part, said, “As cyber-attacks continue to become more sophisticated, Central Banking was impressed with the Bangko Sentral ng Pilipinas’ innovative use of regtech and suptech that powers its proactive risk strategy. ASTERisC* is an important example of how technology can be harnessed to understand threats in real-time.”
BSP Deputy Governor Chuchi G. Fonacier after receiving the award (IMAGE CREDIT: www.bsp.gov.ph)
BSP Deputy Governor Chuchi G. Fonacier accepted the award on behalf of the Bangko Sentral last June 13 during the Central Banking Summer Meetings in London.
“We see the fast-evolving and sophisticated nature of cybersecurity threats,” said Ms. Chuchi G. Fonacier, Deputy Governor of the Financial Supervision Sector of the BSP, in her acceptance speech. “As such, cybersecurity supervision must also step up to cope with the dynamic landscape. The project started at the onset of the global pandemic, which is a ‘challenging’ yet ‘opportune’ time as cyberattacks further escalated.”
“Threat actors shall continue the cycle of exploiting controls, systems, and vulnerabilities,” she added, “With the ASTERisC* platform, the BSP can now be more proactive in deploying early interventions and engaging relevant industry stakeholders.”