Guidance on Managing Ransomware and Other Malware Attacks

May 15, 2017BSP MEMORANDUM NO. M-2017-018TO : All BSP-Supervised Financial Institutions (BSFIs)   SUBJECT : Guidance on Managing Ransomware and Other Malware Attacks The subject guidance, previously communicated directly to BSFIs last 8 February 2017, is being re-issued in view of the recently reported global ransomware attacks. "With the alarming proliferation of ransomware, BSFIs are at an increased risk of loss or unauthorized disclosure of proprietary or sensitive information, operational disruptions, financial losses incurred to restore affected systems and reputational damage. Given the perceived anonymity of threat actors in perpetrating ransom payment schemes, ransomware remains a viable threat that is expected to evolve to more sophisticated and destructive forms, such as crypto-ransomware. Web-based applications, including legitimate cloud-based services, are particularly vulnerable to this type of threat.In this regard, BSFIs are advised to heighten their vigilance and ensure that robust protection against ransomware is in place. BSFIs should provide multiple layers of defenses by implementing appropriate controls at the host, network, and endpoint level to prevent and detect malicious codes. At a minimum, BSFIs should apply the...