MAS unveils proposals to tackle generative AI risks

The Monetary Authority of Singapore (MAS) has unveiled proposals for ways to tackle mobile malware scams and risks associated with generative AI across the financial sector.

The Cyber Security Advisory Panel (CSAP), an assembly of cybersecurity experts from across the globe under the Monetary Authority of Singapore (MAS), recently focused on probing worldwide cybersecurity trends.

Insights garnered from the meeting shed light on pivotal strategies, including:

• The panel advocated for a comprehensive ecosystem-driven approach to fortify cyber defences, thereby preserving trust and public confidence in online financial services. This approach aims to counter mobile malware-enabled scams by fostering close collaboration with technology suppliers to mitigate threats posed by potentially malicious side-loaded mobile apps.
• The adoption of “passwordless” and “out-of-band” authentication methods received support from the panel for mobile banking and payments. These methods operate independently from the mobile device used for financial transactions.
• With financial institutions increasingly utilising GenAI to augment systems and business processes, emphasis was placed on the need to educate stakeholders about both the potential benefits and risks. Measures to mitigate risks included establishing protocols like raising employee awareness regarding safe GenAI usage and formulating comprehensive data handling policies.
• The panel endorsed the deployment of AI-infused solutions in various sectors, including secure code development, security monitoring, threat hunting, and red-teaming to elevate the effectiveness and resilience of cyber defences.

In addition to the core meeting discussions, CSAP members actively participated in the technology and cyber risk seminar, jointly organised by The Association of Banks in Singapore and MAS for the financial industry during the two-day event on Oct. 24-25.

Elsewhere for the Singapore regulator, MAS also released a series of consultation papers outlining proposed guidelines for transition planning by banks, insurers, and asset managers.

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