Central banks turn to generative AI for enhanced cybersecurity: BIS


The Bank for International Settlements (BIS) is optimistic about the widespread adoption of generative artificial intelligence (AI), an area that has attracted significant interest from numerous central banks.

As an international financial institution representing 63 central banks and monetary authorities, the BIS conducted a survey of 32 central bank members to gauge their interest in utilizing generative AI tools for cybersecurity. According to the report:

“More than two-thirds (71%) of respondents are already utilizing generative AI, while 26% intend to integrate such tools into their operations within the next one to two years.”

The BIS foresees all its members embracing generative AI to bolster their internal cybersecurity measures. Central banks that have already deployed generative AI have lauded its effectiveness in identifying cyber threats compared to conventional tools.

Furthermore, generative AI tools have expedited banks’ response times to cyberattacks and facilitated the identification of suspicious patterns and anomalies. However, the primary concern for central banks remains the associated costs of implementing generative AI tools.

Additionally, the BIS report emphasized:

“The highest concerns among central banks relate to risks associated with social engineering, zero-day attacks, and unauthorized data disclosure.”

Central banks unanimously believe that generative AI tools can eventually replace cybersecurity personnel for routine tasks. The BIS anticipates that this transition will “liberate resources” that can be redirected towards other endeavors.

BIS members include the central banks of prominent economies such as Australia, China, France, Belgium, Japan, South Korea, Italy, Switzerland, the United Kingdom, and India, among others.

For more information on generative AI, refer to Cointelegraph’s comprehensive overview.

Recently, the BIS partnered with seven central banks to explore asset tokenization within the monetary system, collaborating with private financial institutions.

Participating countries in “Project Agora” include France, Japan, South Korea, Mexico, Switzerland, the United Kingdom, and the United States Federal Reserve Banks. This initiative, building on the BIS’s proposed unified ledger concept, aims to bridge tokenized commercial bank deposits and tokenized wholesale central bank money.

Source: tradingview.com