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New York's Department of Financial Services has issued guidance on the cybersecurity risks posed by AI in the banking sector. The guidance identifies four main risks, including AI-enabled social engineering and vulnerabilities from third-party dependencies. It emphasizes the need for banks to align their AI usage with existing cybersecurity regulations to mitigate these risks.
The guidance also highlights the dual nature of AI, presenting both risks and opportunities for enhancing cybersecurity. For instance, while AI can improve threat detection, it also enables cybercriminals to execute more sophisticated attacks. Banks are urged to adopt comprehensive risk management strategies, including cybersecurity training and robust vendor management.
• NYDFS outlines four main AI-related cybersecurity risks for banks.
• AI enhances both threat detection and cybercriminal capabilities.
This term refers to tactics that use AI to manipulate individuals into breaching security protocols.
Deepfakes are AI-generated synthetic media that can impersonate individuals, posing significant security threats.
These vulnerabilities arise from dependencies on third-party vendors, which can be exploited by threat actors.
Morgan Stanley is a financial services firm that must comply with NYDFS regulations regarding AI and cybersecurity.
S. Bancorp is a bank that needs to implement the guidance on AI-related cybersecurity risks.
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