Mitigating AI-Specific Cyber Threats in the Financial Services Sector

Last month, the U.S. Department of Treasury released a report highlighting the current landscape of AI-related cybersecurity and fraud risks in financial services, and best-practice recommendations for managing risks related to AI. Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Services Sector provides an overview of findings based on 42 interviews with industry stakeholders who represent an variety of organizations and financial firms, and have already incorporated AI risk management into their existing framework for cybersecurity and financial fraud detection.

The report is organized into five main sections, outlining the findings of these interviews:

  1. Artificial Intelligence in Financial Services: Cybersecurity and Fraud Protection;
  2. AI Cybersecurity and Fraud Threats for Financial Institutions;
  3. Regulatory Landscape for Artificial Intelligence in Financial Services;
  4. Best Practices for Managing AI-Specific Cybersecurity Risks; and
  5. Next Steps: Challenges & Opportunities.

The report concludes with recommendations for navigating the evolving AI landscape, and the challenges placed upon the financial sector. Institutions agree that there must be a cohesive approach to AI. A variety of strategies and best practices are crucial to creating a more unified approach to AI-related cyber and fraud threats. Furthermore, institutions cite regulatory risks as a concern as new AI technologies emerge. Regulators emphasize how important it is for financial institutions to operate in accordance with existing laws, including those related to consumer and investor protection.

For more information, check out HSDL’s In Focus topics on Artificial Intelligence and Cyber Infrastructure Protection.

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