BSP sanctions BDO, UnionBank over hacking incident

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THE Monetary Board (MB) has approved the imposition of sanctions on BDO Unibank Inc. (BDO) and UnionBank of the Philippines (UBP) over the incident that originated from a compromised web service in December 2021.

The incident involved unauthorized access of accounts with BDO and fund transfers mostly to accounts with UBP.

The sanctions are to ensure that both banks will swiftly address the issues, the Bangko Sentral ng Pilipinas (BSP) noted.

BSP Gov. Benjamin Diokno said, “This incident is a reminder that we should continue to enhance our defenses against cyberthreat actors to protect the integrity of the financial system and the interests of depositors.”

The BSP investigation recognized the corrective actions undertaken by both banks related to the cyber incident, including reimbursement by BDO of its affected clients.

The sanctions imposed emphasize the importance of continuously enhancing risk management systems involving cybersecurity, anti-money laundering, and combating terrorism and proliferation financing.

The sanctions also reinforce the need for banks to take a proactive stance in ensuring that their depositors are adequately protected. (KOC WITH PR)

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