their support and active promotion of our shared goals. may i also recognize contributions of our stakeholders, the information security officers group - isog, the joint cyber security working group - jcswg, the joint anti - bank robbery action and cybercrime coordinating committee - jabraccc, and the national cybersecurity inter - agency committee - nciac, and all our other partners in the government and private sector in our fight against cybercrime. to conclude my speech, let me draw your attention to a powerful and symbolic acronym - sos, step - up capabilities, observe heightened vigilance, and stay connected. as you know, the acronym sos is the universally recognized distress signal. similarly, the fscrp serves as our collective call to action - signaling the urgent need to fortify our defenses and safeguard our financial system against the threats of the digital age. the 2024 to 2029 financial services cyber resilience plan is a pillar of the industry's cybersecurity strategy. i urge all of you to embrace this plan as a commitment to building reliability, security, and trust in financial services for every filipino. maraming salamat at mabuhay tayong lahat! 3 / 3 bis - central bankers'speeches

eli m remolona : digital sos - a comprehensive plan to combat cyber incidents speech by mr eli m remolona, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the launch of the financial services cyber resilience plan for 2025 - 2029, manila, 6 august 2024. * * * introduction senator mark villar, dict ( department of information and communications technology ) undersecretary jeffrey ian dy, bap ( bankers association of the philippines ) president jose teodoro limcaoco, pdic ( philippine deposit insurance corp. ) president bobby tan, leaders in the banking and financial sector, distinguished guests and colleagues, magandang umaga po. digital transformation of the financial sector has brought about unprecedented opportunities. from mobile banking to digital payments, technological advancements have revolutionized the way we conduct our financial transactions. however, with these advances come new challenges particularly in the realm of cybersecurity. cyber threats are evolving at an alarming rate becoming ever more diabolical. as financial institutions embrace digital innovation, they also become prime targets of cyber attacks. these attacks not only threaten the stability of individual institutions but also pose systemic risks to the entire financial system and undermine trust in the system. software glitch just three fridays ago, we saw this in the recent global it ( information technology ) outage which caused massive disruptions around the world. as the so - called blue screen of death experienced by microsoft users worldwide unfolded, the incident reminded us of the risks associated with glitches in the digital supply chain. undersecretary dy is right. it was not even a cyber attack. it was a software glitch - the kind of thing we feared would happen with y2k ( 2000 ) more than 24 years ago. our own financial system and settlement system withstood the glitch. the bsp and the financial services industry have long been aware of these challenges. through the years, policy and supervisory reforms embodied in the bsp's ( bangko sentral ng pilipinas ) 2015 cybersecurity roadmap were rolled out in coordination with industry stakeholders. to further advance our shared cybersecurity agenda, i am pleased to now formally launch the final financial services cyber resilience plan ( fscrp ). 1 / 3 bis - central bankers'speeches our plan is not just a