FS-ISAC released six first-of-its-kind white papers containing standards and guidance on the threats, risks, and responsible use cases of artificial intelligence (AI) for financial service institutions.
“While AI promises breakthroughs in the financial services industry, there are a plethora of risk factors that the sector needs to be aware of, both when integrating AI into internal processes as well as building cyber defences against threat actors utilising AI tools,” said Michael Silverman, vice president of Strategy and Innovation, FS-ISAC. “It is integral to operational safety and the very foundation of trust in the financial services industry that the sector aligns on how to counteract the risks that AI poses.”
Realising the potential of AI
The six white papers address different areas of concern and offer industry insights for the financial sector to realise the potential of AI, mitigate risks, and sustain trust.
These papers explore adversarial AI frameworks, building AI into cyber defenses, combating threats and reducing risks posed by AI, responsible AI principles, generative AI vendor evaluation and qualitative risk assessment, and framework of acceptable use policy for external generative AI.
Security and resilience
“The financial services industry is facing increased pressure to capitalise on AI integration while simultaneously ensuring security and resilience against AI-enhanced cyber risks,” said Benjamin Dynkin, executive director at Wells Fargo and Chair of FS-ISAC’s AI Risk Working Group. “These papers provide point-in-time guidance on using AI securely, responsibly, and effectively while offering tangible steps the sector can take to counteract the rising risks associated with AI.”
