Anakalusugan Rep. Mike Defensor has warned those behind the hacking of BDO Unibank accounts that they are bound to face economic sabotage as authorities are already discovering the identities of the perpetrators behind the cybercrime.

"The act of breaking into a bank’s computer system and stealing money from more than 50 deposit accounts constitutes economic sabotage," Defensor said in a statement Sunday.

"Under the law, the offense is punishable with life in prison plus a fine of up to P5 million," he added, referring to Republic Act No. 11449, the 2019 law that increased the penalties for the unlawful use of electronic access devices such as cards, codes, personal identification numbers (PINs), user names, and passwords, among others.

On the other hand, the lawmaker urged the Bangko Sentral ng Pilinas (BSP) to require banks to routinely go on high alert against potential cybercriminal activities on weekends and holidays.

"We already know that most cyberattacks on banks happen on weekends and holidays, so the practical solution is for them to heighten their vigilance on these slow days," he said.

Aside from BDO hacking, Defensor recalled the 2016 $101-million Bangladesh Bank cyberheist that also happened on a weekend when the bank's offices were closed.

"We also want banks to put an end to their practice of going on slow mode when it comes to providing customer support on weekends and holidays," Defensor said.

"Banks must respond instantly to customer complaints of potential hacking of their bank or credit card accounts 24 hours a day, seven days a week," he added.

The lawmaker also said he expects the BSP and the National Privacy Commission to separately impose administrative fines on banks whose computer systems were breached, and whose depositors lost money as well as sensitive personal information.

"These administrative fines are absolutely necessary to compel banks to constantly find ways to protect their systems and safeguard their customers," he said.

"Actually, it is not true that the banks themselves are absorbing the financial losses from cyberattacks," he added.

Defensor said that all depositors supposedly end up paying for a bank's financial losses when money from an account gets stolen.

"In fact, every time the banks seek an increase in their automated teller machine (ATM) withdrawal or credit card fees, they always claim that they need the higher charges to pay for financial losses due to fraudulent transactions," he said.