According to e27, the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have jointly established the AI-Driven Cyber and Technology Risk Taskforce (ACT), with members including DBS, OCBC, UOB, the Singapore Exchange, NETS, and BCS. The taskforce focuses on promoting cross-industry sharing of AI cybersecurity practices, conducting proof-of-concept tests for AI defense tools, and developing guidelines for security controls and responses to AI-related threats. Vincent Loy, Assistant Managing Director of MAS, stated that cutting-edge AI is increasing the severity, scale, and complexity of cyberattacks, and the financial sector must respond with heightened urgency and strong collaboration.
MAS and ABS Launch ACT Working Group to Tackle AI Cyber Threats
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Summary
MAS and ABS have established the AI-Driven Cyber and Technology Risk Working Group (ACT) to combat AI-powered cyber threats in finance. The group includes DBS, OCBC, UOB, SGX, NETS, and BCS. It will focus on AI and crypto developments through knowledge sharing, testing AI defense tools, and developing security guidelines. Vincent Loy of MAS emphasized the urgent need to address AI-enhanced threats. The initiative supports ongoing efforts in token launch news and AI innovation within the sector.
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