Global: Singapore central bank launches taskforce to strengthen AI-driven cyber risk resilience

The Monetary Authority of Singapore (MAS) has convened an industry-wide taskforce to strengthen cybersecurity and technology resilience across the financial sector amid growing risks associated with frontier artificial intelligence (AI) models.

The AI-Driven Cyber and Technology Risk Taskforce brings together representatives from MAS, the Association of Banks in Singapore (ABS), DBS, OCBC, UOB, Singapore Exchange (SGX), Network for Electronic Transfers (NETS), and Banking Computer Services (BCS).

The initiative will provide a platform for participating institutions to share AI-related cybersecurity use cases, operational experience and insights into emerging threats. Members will also conduct proof-of-concept trials to test and validate advanced AI-enabled tools designed to address an evolving cyber threat landscape.

The collaboration reflects growing concerns over the ability of increasingly sophisticated AI systems to amplify cyber risks, while also highlighting the need for stronger regulatory monitoring and industry-wide approaches to technology risk management.

Vincent Loy, assistant managing director and chief technology officer at MAS, said frontier AI is contributing to greater complexity and scale in cyber threats, requiring financial institutions and regulators to strengthen their collective response.

“Frontier AI is increasing the severity, scale and sophistication of cyber threats. The financial sector must respond with urgency and through strong collaboration. Through this Taskforce, MAS will work closely with industry partners to strengthen our collective defences and ensure Singapore’s financial sector remains resilient against AI-enabled risks,” he said.

The taskforce’s work is expected to support stronger risk assessment, cybersecurity preparedness and compliance management as financial institutions increasingly adopt AI technologies. It also underscores the growing importance of regulatory technology solutions and technology risk frameworks in managing emerging risks across interconnected financial systems.