"Addressing AI-Specific Cybersecurity Risks in Financial Institutions"

The U.S. Department of the Treasury has released a report on managing artificial intelligence-specific cybersecurity risks in the financial services sector, addressing challenges and opportunities presented by AI. The report outlines next steps to address operational risk, cybersecurity, and fraud challenges, including narrowing the fraud data divide, regulatory coordination, and expanding the NIST AI Risk Management Framework. It also emphasizes the need for best practices, explainability for AI solutions, and a common AI lexicon, while highlighting the importance of international coordination and engagement with the private sector and regulators.