Generative AI Risks Require Guardrails, MAS Cybersecurity Panel Advises - Fintech Singapore

Generative AI Risks Require Guardrails, MAS Cybersecurity Panel Advises – Fintech Singapore

Time Stamp: October 30, 2023 12:40 AM

The Monetary Authority of Singapore’s (MAS) Cyber Security Advisory Panel (CSAP) has raised awareness of the potential benefits and risks from the growing adoption of Generative AI (GenAI) by the financial sector.

This is one of the key insights from the seventh annual meeting of MAS’ Cyber Security Advisory Panel (CSAP) on 24 and 25 October 2023.

The meeting discussed global cybersecurity trends and their impact on the financial sector, securing mobile banking and payments amidst the rise of online banking scams, as well as FIs’ growing adoption of artificial intelligence (AI).

As GenAI is increasingly being used by financial institutions to enhance their systems and business processes, the CSAP warned that there is an increasing need to guard against potential risks, such as leakage of sensitive information and data poisoning.

To mitigate these risks, the CSAP recommended that FIs establish guardrails, such as raising employee awareness on the safe use of GenAI and establishing comprehensive data handling policies.

Other key insights from the meeting include taking an eco-system approach to fortify cyber defence and maintain trust and public confidence in online financial services.

The panel also proposed strengthening multi-factor authentication (MFA) for mobile banking and payments as well as raising awareness of the potential benefits and risks from the growing adoption of Generative AI (GenAI).

The panel experts also shared their thoughts on how financial institutions can leverage AI-enabled solutions in areas such as secure code development, security monitoring, threat hunting and red-teaming to improve the effectiveness and robustness of their cyber defence.

The CSAP is a panel of cybersecurity experts from around the world who advise MAS on cybersecurity issues.

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