A human error, not a hacking incident, brought on the technical glitch that resulted within the combine up within the balances of 1.5 million clients of the Bank of the Philippine Islands.
The “internal data processing error” was addressed by BPI inside 37 hours, BPI officers on Wednesday (June 21) advised Senate probers.
“It was an error in judgment on the part of one of our programmers that led to the unscheduled file generation, causing us to post wrong entries,” BPI govt vp and enterprise companies group head Ramon Jocson stated in a listening to by the Senate committee on banks, monetary establishments and currencies in joint with the committee on finance.
“The investigations have pinpointed that this particular person is to blame. This particular person has also owned up to committing the mistake. In terms of the investigation, it’s still ongoing right now because what we’re looking right now are certain processes and protocols that we need to strengthen so that this will not happen again. But as of the moment, until this is concluded, the said person has been reassigned to another area and all access rights to our system has been taken out,” he added.
BPI officers additional assured senators that there was nothing “malicious” about what occurred and even unauthorized entry to the account holders’ deposits dedicated which implies that not one of the purchasers’ cash have been misplaced as all the info and balances have been restored in lower than two days.
A parallel investigation by the Bangko Sentral ng Pilipinas (BSP) yielded the identical info at the same time as its inquiry continues to be ongoing, BSP Assistant Governor Chuchi Fonacier stated.
“But we can say at this point that there was no really hacking nor a computer glitch since it’s really a human error. But the concern of the BSP in this case is why the internal control failed to detect right away the mistake of the errors. So that’s basically it,” she stated.
Jocson stated that whereas they take crucial measures to forestall such incidents from taking place sooner or later, such complicated system can’t be averted because the banking business makes use of advance applied sciences.
“But my assurance to the public is that we’re investing to ensure that our time to recover will be faster. But there will be no doubt that we will be able to recover should any other similar incident occur in the future,” he stated.