Central Bank of the Philippines urges banks and other supervised entities to strengthen cybersecurity against AI-driven threats

The Central Bank of the Philippines has published a memorandum urging banks and other BSP-regulated entities to strengthen cybersecurity measures in response to emerging risks linked to advances in artificial intelligence. The guidance highlights that AI can help cybercriminals identify weaknesses, automate attacks and exploit vulnerabilities faster and at greater scale, and it calls on supervised institutions to improve cyber defenses and operational preparedness. The memorandum encourages firms to keep an updated inventory of digital assets and systems, tighten security controls including multi-factor authentication, and address vulnerabilities such as unnecessary internet exposure. It also recommends using AI-powered cybersecurity tools to detect threats, monitor systems and respond to attacks more quickly, while strengthening incident response and business continuity plans to support uninterrupted financial services during cyber incidents. The guidance complements the central bank's existing cybersecurity and AI governance frameworks and forms part of its broader effort to support sound risk management and responsible technology use in the financial sector.