A G7 working group has released a statement outlining what policymakers and financial institutions should consider when weighing the potential cybersecurity benefits of artificial intelligence against misuse of the technology by malicious actors.
The statement by the G7 Cyber Expert Group notes that AI “is the latest in a continuum of significant innovations that have the potential to transform the financial sector.” AI technologies offer significant opportunities for financial institutions to enhance their risk management capabilities. However, it could also increase the frequency and impact of malicious cyber activity, according to the working group.
The statement lists ways AI can enhance both cyber resilience and cyber risk. It also lists key considerations for financial institutions and policymakers on managing AI-enabled risks.
“When deployed effectively, AI can bolster cyber resilience by enhancing the speed and precision of detection and response and revealing hidden system vulnerabilities,” according to the statement.
