The Bangko Sentral ng Pilipinas (BSP) is urging banks and other BSP-regulated entities to strengthen their cybersecurity as artificial intelligence (AI) gives cybercriminals new ways to attack financial systems.
In a memorandum issued on July 6, 2026, the BSP encouraged supervised financial institutions to improve their cyber defenses by keeping an updated inventory of their digital assets and systems, strengthening security controls such as multi-factor authentication (MFA), and fixing system vulnerabilities, including unnecessary internet exposure.
The guidance comes as AI makes it easier for cybercriminals to find weaknesses, automate attacks, and exploit security gaps faster and on a much larger scale than before.
“Cybersecurity is essential to maintaining trust in the financial system,” BSP Deputy Governor Lyn Javier said. “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.”
The BSP also recommended that financial institutions adopt AI-powered cybersecurity tools to detect threats, continuously monitor systems, and respond to cyberattacks more quickly.
The central bank called on banks and other BSP-regulated entities to strengthen their incident response and business continuity plans to help ensure financial services remain available even during cyber incidents.
The latest guidance builds on the BSP’s existing cybersecurity and AI governance frameworks, reinforcing sound risk management and the responsible use of AI across the country’s financial sector.
The advisory comes as Philippine banks continue to expand digital banking, online payments, and mobile financial services. With more financial transactions moving online, cybersecurity has become increasingly important in protecting customer data, preventing fraud, and maintaining public trust in the country’s digital economy.