The New Risk That Philippine Banks Face

I think this risk applies to Philippine banks as well. 

Here's an excerpt from a Quartz' article by Mark DeCambre:

Forget arcane mortgage bonds, toxic derivatives or a swiftly shifting regulatory landscape.

There’s a new systemic risk for the banking system to worry about. Or perhaps you might say, an operating systemic risk.

The Federal Reserve is warning US banks to prepare for a looming April 8 deadline, at which point Microsoft has stated that it will be ending its support for Windows XP, the operating system created in 2001. That means the tech company will no longer offer security patches—fixes which address potential vulnerability to cyberattack—or tech assistance. Microsoft has been urging its customers to switch to Windows 8.1.

Windows XP is used to run everything from some bank’s internal computers to automated teller machines (ATM). In fact, the Microsoft operating system serves as the backbone for 95% of the ATMs operated in America, Bloomberg reports. So losing Microsoft tech support may translate into heightened security problems for financial institutions.

Read the rest of the article here.