Singapore Central Bank Sets up AI Cyber Risk Taskforce

Singapore's central bank is setting up a task force with the country's major banks and technology companies to address cyber and technology risks associated with the use of advanced artificial intelligence models.

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) will run the AI-Driven Cyber and Technology Risk Taskforce with DBS, OCBC, UOB, Singapore Exchange, Network for Electronic Transfers (NETS), and Banking Computer Services.

The group will share information on how financial institutions are using AI for cybersecurity and run proof-of-concept trials of AI tools that could help detect and respond to new threats. The work will focus on risks associated with so-called frontier AI models, which can be used to automate or improve cyberattacks.

MAS said AI is already being used by criminals to create more convincing phishing messages and deepfake impersonations. More advanced models can also help attackers identify weaknesses in financial institutions' systems.

The taskforce will look at how the same technology can be used for defense. Members will share their experience and test AI-enabled security tools as part of the initiative.

Vincent Loy, MAS assistant managing director and chief technology officer, said:

Frontier AI is increasing the severity, scale and sophistication of cyber threats. The financial sector must respond with urgency and through strong collaboration. Through this Taskforce, MAS will work closely with industry partners to strengthen our collective defences and ensure Singapore’s financial sector remains resilient against AI-enabled risks.