The Bangko Sentral ng Pilipinas (BSP) is stepping up efforts to protect the country’s financial system from emerging artificial intelligence (AI)-driven cyber threats, urging banks and other BSP-supervised institutions to strengthen their cybersecurity measures as cyberattacks become faster, smarter, and more sophisticated.
Through Memorandum No. M-2026-034, issued on July 6, 2026, the BSP outlined key cybersecurity practices that financial institutions are encouraged to adopt to better safeguard their digital infrastructure, customers, and critical financial services.
The guidance comes as rapid advances in AI are increasingly being leveraged by cybercriminals to identify security gaps, automate attacks, and exploit vulnerabilities on a much larger scale. The BSP warned that while AI presents significant opportunities for innovation, it also introduces new risks that could undermine trust and stability in the financial sector if left unaddressed.
“Cybersecurity is essential to maintaining trust in the financial system. By encouraging financial institutions to strengthen their cyber defenses and preparedness, we help protect consumers, safeguard financial services, and support confidence in an increasingly digital economy,” BSP Deputy Governor Lyn I. Javier said.
Under the memorandum, BSP-regulated entities are encouraged to maintain an updated inventory of their digital assets and systems, implement stronger security controls such as multi-factor authentication, and proactively address vulnerabilities, including unnecessary internet exposure that could make systems susceptible to attacks.
The BSP also highlighted the role of AI in strengthening cybersecurity defenses. Financial institutions are encouraged to deploy AI-powered tools that can detect threats in real time, continuously monitor systems, and enable faster responses to cyber incidents.
In addition, the central bank called on supervised institutions to enhance their incident response and business continuity plans to ensure uninterrupted delivery of financial services, even during cyberattacks or system disruptions.
The latest guidance complements the BSP’s existing cybersecurity and AI governance frameworks, reinforcing sound risk management practices and promoting the responsible adoption of emerging technologies across the financial industry.
With digital banking and financial services continuing to expand, the BSP’s latest move underscores the growing importance of staying ahead of AI-enabled cyber risks to preserve consumer trust and safeguard the country’s increasingly digital economy.