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

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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.

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