Treasury: Financial Firms Harness AI for Cybersecurity, Fraud Prevention | CybSec Wizard

Cyber Security Wizard

Wizardry for Cyber

Cyber Security Wizard

TLDR:

Financial institutions are increasingly using AI for cybersecurity and fraud management
The Treasury’s Office of Cybersecurity and Critical Infrastructure Protection outlined steps for addressing AI-related operational risks

The Department of the Treasury released a report highlighting the adoption of artificial intelligence in financial institutions for cybersecurity and fraud detection. The report mentions that financial institutions are utilizing generative AI models and are developing internal policies to manage the use of AI technology. The report also addresses the widening gap between large and small institutions in their use of AI systems and emphasizes the need to narrow the fraud data divide, address regulatory fragmentation, expand the AI Risk Management Framework, close gaps in human capital, and develop a common AI lexicon.

Nellie Liang, the Undersecretary of the Treasury for Domestic Finance, mentioned that the AI report builds on successful public-private partnerships and aims to help financial institutions safely navigate business lines and combat AI-driven fraud. The report was developed in response to an executive order on the trustworthy development and use of AI technologies. The Potomac Officers Club will host a Cyber Summit to discuss the evolving role of cybersecurity in the public sector.

Post Views: 410

Adrian Johnson

Latest from Blog

Learn board security buy-in strategy from the NCSC for CISOs

TLDR: The NCSC provides guidelines for CISOs to communicate with the board effectively Key points include using non-technical language, making risks tangible, and connecting with what is important to the board In

DoD perfecting zero trust concepts during assessment process

“`html TLDR: The Pentagon is rigorously evaluating its zero trust use cases, including working with major cloud providers like Microsoft and Google. The goal is to achieve a target level of zero

EU push for unified incident report rules

TLDR: The Federation of European Risk Management Associations (FERMA) is urging the EU to harmonize cyber incident reporting requirements ahead of new legislation. Upcoming legislation such as the NIS2 Directive, DORA, and

Comcast reveals customer data stolen in ransomware attack on debt agency

TLDR: Comcast has reported a data breach affecting over 230,000 customers due to a ransomware attack on a third-party debt collection agency. The stolen data includes sensitive information such as names, addresses,

Maritime vessels face exponential cyber threats

TLDR: Cyber threats to maritime vessels are increasing rapidly Marlink will soon release a report detailing the growing problem Cyber threats to maritime vessels are on the rise, with a new report

San Diego Business Journal shines light on cyber risk, resilience

TLDR: October is National Cybersecurity Awareness Month and San Diego is a target-rich community for cybercrime. CCOE suggests four key areas to eliminate 98% of cybercrime: Recognize and Report Phishing, Use Strong

Educause Horizon Report: Sustainability driving Cybersecurity Risks on Campus Technology

TLDR: Educause released the 2024 Cybersecurity and Privacy Edition of its Horizon Report series Key trends include sustainability pressures leading to increased cybersecurity risks The 2024 Cybersecurity and Privacy Edition of the

PwC leads cyber resilience: organisations follow suit

TLDR: Despite cyber security concerns and the average data breach exceeding $3 million, only 2% of businesses have implemented cyber resilience. However, 77% of organizations expect their cyber budget to increase. The

Keep Security Week 2 Cybersecurity Action: Phishing Awareness Importance

TLDR: Keeper Security emphasizes the importance of phishing awareness during Cybersecurity Action Month. Individuals and organizations are urged to adopt and enforce practices to protect against evolving threats. With Cybersecurity Awareness Action

CT medical providers threatened by ransomware gangs, data and health at risk

TLDR: Key Points: Ransomware gangs are targeting CT medical providers, putting health data and care at risk Cyberattacks on healthcare have increased dramatically, impacting patient care and privacy Your health and personal