SINGAPORE, July 28 (Xinhua) -- Singapore's central bank and the banking industry have formed a taskforce to strengthen the financial sector's resilience against increasingly sophisticated cyber threats driven by advances in artificial intelligence (AI).
In a statement on Tuesday, the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) said the AI-Driven Cyber and Technology Risk Taskforce has been working with industry members since May.
The taskforce brings together MAS, ABS, lenders DBS, OCBC and UOB, as well as Singapore Exchange, Network for Electronic Transfers and Banking Computer Services.
The initiative comes as frontier AI models are reshaping the cyber threat landscape by enabling attackers to identify vulnerabilities, automate attacks and scale cyber intrusions more rapidly.
The taskforce will focus on three areas: strengthening industry collaboration, enhancing cyber defense capabilities through AI-related trials, and developing guidance to help financial institutions better detect, prevent and respond to AI-enabled cyber threats. ■
