G7 Cyber Expert Group issues statement on AI and cybersecurity in the financial sector

HM Treasury has published a statement from the G7 Cyber Expert Group (CEG) on AI and cybersecurity, aiming to raise awareness of the cybersecurity implications of AI and outlining key considerations for financial institutions, amongst others, to strengthen resilience and security in the financial sector. It highlights how AI can enhance cyber resilience, including through improved anomaly and fraud detection, while also amplifying existing risks, such as AI-driven phishing and increased effectiveness of attacks.

The statement sets out financial sector-specific considerations and recommendations which include strengthening internal capabilities to understand specific AI risks, integrating AI-related risks in existing risk management processes, encouraging strong governance and leadership engagement and fostering cross-sector collaboration to monitor evolving AI capabilities, opportunities and risks. Looking ahead, as AI becomes more embedded in financial systems, the CEG encourages stakeholders to explore AI's potential to enhance cyber defence, update risk frameworks accordingly and engage in collaborative research and dialogue. The statement concludes with a list of reference materials that financial institutions may find useful for further guidance.

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