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SINGAPORE: As artificial intelligence and quantum computing create new cybersecurity and scam risks for the financial sector, the Monetary Authority of Singapore (MAS) has launched a task force to strengthen cyber defences and tackle AI-driven threats.<\/p>\n
The task force, which is jointly established with the Association of Banks in Singapore (ABS), will focus on enhancing financial institutions’ expertise in the use of AI in cybersecurity, MAS said on Tuesday (Jul 28).\u00a0<\/p>\n
It will also conduct trials on advanced tools and develop industry guidance on new response measures to AI-driven threats, said MAS managing director Chia Der Jiun during a press conference on the central bank’s financial performance.<\/p>\n
Aside from AI, Mr Chia also cited the significant risks to data security and communications by financial institutions in the medium term by quantum computing technology, which is still at an early stage of development.<\/p>\n
To this end, the central bank will issue a set of “supervisory expectations” for quantum resilience later this year, setting out progressive timelines for financial institutions to address quantum resilience concerns.<\/p>\n
“Our aim is for (financial institutions) to achieve quantum resilience before the end of this decade,” he said.<\/p>\n
ABS and MAS said in a joint media release that the establishment of the AI-driven Cyber and Technology Risk Taskforce (ACT), which has been bringing members together since May this year, was in response to the emerging risks posed by frontier AI models.<\/p>\n
The task force will comprise MAS and senior technology and cyber leaders from financial institutions, including DBS, OCBC, UOB, the Singapore Exchange, NETS, as well as the Banking Computer Services.<\/p>\n
MAS and ABS said the task force will facilitate industry sharing of AI cybersecurity use cases and experience, as well as to boost cyber defence knowledge. It will also strengthen the cyber security posture or financial institutions.<\/p>\n
“AI is reshaping the cyber threat landscape, and the financial sector must continue to move together to stay resilient,” said ABS director Ong-Ang Ai Boon.<\/p>\n
The sector remains vigilant, agile and committed to strengthening resilience, she added.<\/p>\n
For AI-enabled scams, phishing can be more personalised and persuasive “at scale”, said Mr Chia. Frictions to digital banking transactions remain useful to frustrate scammers, but banks must harness AI and strengthen their controls to better defend against more sophisticated tactics, he said.<\/p>\n
MAS will review the banks’ efforts to enhance the effectiveness of their fraud detection models, including how well they use AI, he said.<\/p>\n<\/div>\n
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SINGAPORE: As artificial intelligence and quantum computing create new cybersecurity and scam risks for the financial sector, the Monetary Authority of Singapore (MAS) has launched…<\/p>\n","protected":false},"author":1,"featured_media":72367,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/dam.mediacorp.sg\/image\/upload\/s--ocHVhJGa--\/c_crop,h_843,w_1500,x_0,y_1\/c_fill,g_auto,h_676,w_1200\/fl_relative,g_south_east,l_mediacorp:cna:watermark:2021-08:cna,w_0.1\/f_auto,q_auto\/v1\/mediacorp\/cna\/image\/2022\/11\/21\/dsc_6097.jpg?itok=2DguMfF4","fifu_image_alt":"","footnotes":""},"categories":[2],"tags":[12377,11133,2215,9297,1285,7496,4324,1406,3941,1503,8554,1124,1284],"class_list":["post-72366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buzz-news-sg-global","tag-computing","tag-defences","tag-financial","tag-flags","tag-force","tag-forms","tag-institutions","tag-major","tag-mas","tag-prepare","tag-quantum","tag-risks","tag-task","wpcat-2-id"],"_links":{"self":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/72366","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=72366"}],"version-history":[{"count":0,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/72366\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/media\/72367"}],"wp:attachment":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=72366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=72366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=72366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}