The Treasury Department revealed in a new report that financial institutions are increasingly adopting and using artificial intelligence systemsincluding generative AI models, for cybersecurity and fraud detection, and manage their use of emerging technology by providing guardrails and developing internal policies.
In the report, Treasury’s Office of Cybersecurity and Critical Infrastructure Protection (OCCIP) outlined a series of steps financial institutions can take to address challenges related to operational risks, cybersecurity and fraud related to AI in the financial sector, including addressing the growing gap between large and small institutions. when it comes to their use of internal AI systems.
OCCIP also highlighted the need to close the fraud data gap, address regulatory fragmentation, expand the National Institute of Standards and Technology’s AI risk management framework, bridge human capital gaps and developing a common AI lexicon.
“The Treasury AI report builds on our successful public-private partnership for secure cloud adoption and presents a clear vision of how financial institutions can securely map their industries and disrupt the rapid evolution of AI-based fraud,” said Nellie Liang, Deputy Secretary of the Treasury. Treasury for domestic finances.
OCCIP developed the report in response to the October 2023 decree on the safe, secure, and reliable development and use of AI technologies.
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