The Bangko Sentral ng Pilipinas (BSP) is calling on all banks and other institutions under its watch to step up their cybersecurity protections, as rapid developments in artificial intelligence give cybercriminals more powerful ways to carry out attacks. AI tools now let bad actors spot gaps in digital systems, run harmful operations automatically, and exploit weaknesses faster and across more targets than before.
“Cybersecurity is essential to maintaining trust in the financial system,” said BSP deputy governor Lyn I. Javier. “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 official guidance, laid out in Memorandum No. M-2026-034 released on July 6, 2026, asks supervised entities to keep a complete and up-to-date list of all their digital tools and systems. It also pushes for stronger safety measures such as multi-factor authentication, and fixing risks like unnecessary connections to public networks that could be accessed by outsiders. The document also suggests using AI-based security tools to spot unusual activity early, keep a close watch on systems, and act quickly when threats appear. Firms are also told to refine their plans for handling breaches and keeping services running, so customers can still access banking and other financial help even if an incident happens.
These new rules fit with the BSP’s existing policies on cybersecurity and responsible AI use, and aim to set clear standards for managing risks well. They form part of the central bank’s wider work to make sure new technologies are used safely, securely, and responsibly across the country’s financial industry.
