{"id":19348,"date":"2024-06-19T03:03:48","date_gmt":"2024-06-19T03:03:48","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/bsp-warns-banks-vs-use-of-automated-data-scraping-tools\/"},"modified":"2024-06-19T03:03:48","modified_gmt":"2024-06-19T03:03:48","slug":"bsp-warns-banks-vs-use-of-automated-data-scraping-tools","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/bsp-warns-banks-vs-use-of-automated-data-scraping-tools\/","title":{"rendered":"BSP warns banks vs use of automated data-scraping tools"},"content":{"rendered":"
\n

THE <\/span>BANGKO SENTRAL<\/span> ng <\/span>Pilipinas (BSP) has warned its supervised institutions against the use of robotic process automation (RPA) and other scraping methods in handling \u201csensitive\u201d data.<\/span><\/p>\n

In a memorandum, the BSP said the use of these technologies have \u201cmerits as an internal data collection automation tool\u201d but can hurt the integrity of the f<\/span>inancial system.<\/p>\n

\u201cThe use of RPA and other data-scraping methods, speci<\/span>f<\/span>ically to collect personally identi<\/span>f<\/span>iable information (PII) and use it in gaining access to financial accounts and\/or facilitating <\/span>f<\/span>inancial transaction, is seen to pose signi<\/span>f<\/span>icant risks that may undermine consumer trust in financial service providers and compromise the integrity of the <\/span>f<\/span>inancial system,\u201d it said in a memorandum.<\/span><\/p>\n

Also known as software robotics, RPA employs \u201cintelligent automatic technologies\u201d to perform tasks usually done by human workers such as filling in forms and extracting data.<\/p>\n

Data scraping involves a computer program extracting data from a human-readable output.<\/p>\n

The central bank said that BSP-supervised f<\/span>inancial institutions (BSFIs) use customer data to drive competitive advantages and market opportunities.<\/p>\n

\u201cHowever, improper and\/or unauthorized access and handling of customer data, particularly involving financial information, may expose BSFIs to customer complaints and data privacy concerns,\u201d it added.<\/span><\/p>\n

The BSP emphasized the need for responsible data handling in the f<\/span>inancial system.<\/p>\n

\u201cThe proper handling and protection of PII and other sensitive data serve as cornerstones of customer privacy and represent critical components in the prevention of fraud, identity theft, and other financial crimes,\u201d it said.<\/p>\n

UK cybersecurity firm NCC Group earlier said that the finance and industrial sectors in the Philippines are among the top targets for cyberattacks in the country.<\/p>\n

The BSP said financial institutions, as personal information controllers of their customers\u2019 data, are responsible for compliance with the Data Privacy Act of 2012 (DPA).<\/p>\n

It also noted that BSFIs must adhere to requirements set by the National Privacy Commission.<\/p>\n

\u201cThese requirements may pertain to the right to data portability, the procedures for obtaining and managing consent, data access methods, and data-sharing arrangements.\u201d<\/p>\n

The BSP called on its supervised institutions to \u201cemploy robust risk management systems and implement adequate safeguards in handling PII and other sensitive data, including those covered under outsourcing arrangements.\u201d<\/p>\n

\u201cThese include ensuring compliance with relevant laws and pertinent BSP regulations on financial consumer protection, data privacy and data protection, anti-money laundering and combating the financing of terrorism (AML\/CFT), cybersecurity, outsourcing, and open finance, among others.\u201d<\/p>\n

Moody\u2019s data showed that from 2018 to 2023, the Philippines was among the top five countries in Southeast Asia with money laundering activity events added over the f<\/span>ive-year period.<\/p>\n

From 2022 to 2023, the number of money laundering events in the country rose by 45%.<\/p>\n

\u201cBSFIs should also regularly review and update their policies and practices to ref<\/span>lect the evolving data governance standards and requirements,\u201d the BSP added.<\/p>\n

The central bank has been f<\/span>inding ways to improve the banking industry\u2019s cyber resilience against digital attacks, as well as enhancing its monitoring capabilities.<\/p>\n

Sought for comment, Economist Intelligence Unit Industry Manager and Lead Analyst for Financial Services Swarup Gupta said that the BSP memorandum is timely given the rise in the adoption of these practices by financial service companies.\u00a0<\/span><\/p>\n

\u201cThe comments highlight the current lack of public scrutiny as to how organizations collect and preserve data, especially markers of personally identifiable information,\u201d he said in an e-mail.<\/p>\n

\u201cAdherence to international standards, such as the ISO norms, regarding the collection and storage of data by corporations are the need of the hour and regulatory bodies need to hold organizations responsible to these norms,\u201d he added.<\/p>\n

Mr. Gupta said that the central bank should release specific rules and regulations on these kinds of practices.<\/p>\n

\u201cWe should see the emergence of a data ombudsman, which adjudicates on data related issues, within fast digitalizing economies across the ASEAN (Association of Southeast Asian Nations) region as well as the passage of laws which def<\/span>ine individual data rights in the near future.\u201d \u2014 Luisa Maria Jacinta C. Jocson <\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE BANGKO SENTRAL ng Pilipinas (BSP) has warned its supervised institutions against the use of robotic process automation (RPA) and other scraping methods in handling \u201csensitive\u201d data. In a memorandum, the BSP said the use of these technologies have \u201cmerits as an internal data collection automation tool\u201d but can hurt the integrity of the financial [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[898,14915,5796,14644,18400,17425,1356,1427],"class_list":["post-19348","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-automated","tag-banks","tag-bsp","tag-bworldonline","tag-data-scraping","tag-tools","tag-use","tag-warns"],"yoast_head":"\nBSP warns banks vs use of automated data-scraping tools - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/bsp-warns-banks-vs-use-of-automated-data-scraping-tools\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BSP warns banks vs use of automated data-scraping tools - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THE BANGKO SENTRAL ng Pilipinas (BSP) has warned its supervised institutions against the use of robotic process automation (RPA) and other scraping methods in handling \u201csensitive\u201d data. 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