BANKS and other financial institutions must ensure they have robust safeguards against potential threats from highly advanced artificial intelligence (AI) models as these could exploit vulnerabilities with a higher degree of sophistication, the Bangko Sentral ng Pilipinas (BSP) said.
In a memorandum signed by BSP Deputy Governor Lyn I. Javier, the BSP said frontier AI systems pose threats to the financial system as they can detect software vulnerabilities and exploitation routes, as well as perform multi-stage cyberattacks with minimal human intervention.
“While access to these systems remains restricted and controlled, their emergence signals a shift toward increasingly adaptive and scalable cyberthreats,” the central bank said.
“Accordingly, BSIs (BSP-supervised financial institutions) are reminded that similar AI-enabled capabilities may eventually be leveraged by malicious actors to target financial systems, third-party service providers, and critical infrastructure.”
Institutions should reinforce their cybersecurity…
