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25 August 2024

The Financial Sector and Managing Artificial Intelligence-Specific Cybersecurity Risks

Daniel Pereira

In March, the U.S. Department of the Treasury released a report on Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Services Sector. The report was written at the direction of Presidential Executive Order 14110 on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence. Treasury’s Office of Cybersecurity and Critical Infrastructure Protection (OCCIP) led the development of the report. OCCIP executes the Treasury Department’s Sector Risk Management Agency responsibilities for the financial services sector.

As part of the Treasury’s research for this report, it conducted in-depth interviews with 42 companies in the financial services sector and technology-related companies. Financial firms of all sizes, from global systemically important financial institutions to local banks and credit unions, provided input on how AI is used within their organizations. Additional stakeholders included major technology companies and data providers, financial sector trade associations, cybersecurity and anti-fraud service providers, and regulatory agencies. Treasury’s report provides an extensive overview of current AI use cases for cybersecurity and fraud prevention, as well as best practices and recommendations for AI use and adoption. The report does not impose any requirements and does not endorse or discourage the use of AI within the financial sector.

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