THE Bangko Sentral ng Pilipinas (BSP) is urging banks and other BSP-supervised financial institutions to strengthen their cybersecurity measures as advances in artificial intelligence (AI) create new and more sophisticated cyber threats.
The central bank warned that rapid developments in AI could enable cybercriminals to identify system weaknesses, automate attacks, and exploit vulnerabilities more quickly and on a larger scale.
BSP Deputy Governor Lyn I. Javier said, "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."
Under Memorandum No. M-2026-034, issued on July 6, 2026, the BSP encouraged its supervised institutions to maintain an updated inventory of digital assets and systems, strengthen security controls such as multi-factor authentication, and proactively address vulnerabilities, including unnecessary internet exposure.
The memorandum also recommends adopting AI-powered cybersecurity tools to improve threat detection, system monitoring, and incident response. It further calls on financial institutions to enhance their incident response and business continuity plans to help ensure uninterrupted financial services during cyber incidents.
The guidance complements the BSP's existing cybersecurity and AI governance frameworks by reinforcing sound risk management practices and the responsible use of AI.
The memorandum forms part of the BSP's broader efforts to promote the safe, secure, and responsible use of technology across the financial sector.
The full memorandum is available on the BSP website: Memorandum No. M-2026-034. PR
