U.S. Department of the Treasury: Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Services Sector

2024-10-01

Summary of https://home.treasury.gov/system/files/136/Managing-Artificial-Intelligence-Specific-Cybersecurity-Risks-In-The-Financial-Services-Sector.pdf The U.S. Department of the Treasury, in response to Executive Order 14110 on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence, has produced a report on the use of AI in the financial services sector. The report, titled "Managing Artificial...

Summary of https://home.treasury.gov/system/files/136/Managing-Artificial-Intelligence-Specific-Cybersecurity-Risks-In-The-Financial-Services-Sector.pdf

The U.S. Department of the Treasury, in response to Executive Order 14110 on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence, has produced a report on the use of AI in the financial services sector.

The report, titled "Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Services Sector," discusses the current state of AI use in the financial services sector, including a review of cybersecurity and fraud risks, best-practice recommendations, and challenges and opportunities.

The report was written based on 42 in-depth interviews with industry representatives, including representatives from financial institutions, IT firms, data providers, and anti-fraud/AML companies.

The report also includes an annex from the Financial Services Sector Coordinating Council (FSSCC), entitled "Artificial Intelligence in the Financial Sector: Cybersecurity and Fraud Use Cases and Risks," which discusses the use of AI for cybersecurity and fraud protection in the financial services sector.

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