UPDATE 2-Philippine central bank bolsters cyber security, may regulate bitcoin operators

* C.bank creates unit focusing on cyber security

* Looking to regulate virtual currencies to fight money

* May tighten regulations on remittance firms, money

(Adds quotes, details)

By Karen Lema

CEBU, Philippines, June 4 The Philippine central
bank is bolstering cyber security surveillance to help boost
banks’ defences and is looking at regulating bitcoin operators
to combat money laundering, a senior official said on Saturday.

More banks around the world have fallen victim to cyber
attacks that involved the use of fraudulent SWIFT messages, the
same technique at the heart of February’s massive theft from the
Bangladesh central bank.

The Philippine central bank has set up a separate cyber
security surveillance division to craft cyber security policies
and conduct surveillance work, monitor cyber threats and test
the ability of supervised institutions to manage cyber security
issues, Nestor Espenilla central bank deputy governor in charge
of banking supervision, said in a lecture organised by the bank.

“We have a core IT supervision group … and within that
group we created a new division that is focused on cyber
security issues to strengthen our capacity

Read more ... source: TheBitcoinNews