Singapore banking sector monitors AI-driven cyber threats

Banks in Singapore are working with the city-state’s industry body to monitor emerging threats posed by frontier artificial intelligence models, the director of the Association of Banks in Singapore said on Monday.

The Association of Banks in Singapore (ABS) is working with member banks to monitor emerging threats, share intelligence, and coordinate the development of risk mitigation efforts, its director Ong-Ang Ai Boon said in a statement, News.Az reports, citing Reuters.

Local banks have also enhanced their monitoring and incident response capabilities to enable faster detection, containment, and remediation of threats, the statement said.

This development comes as financial institutions globally assess cybersecurity risks linked to Anthropic’s frontier AI model Mythos.

Anthropic earlier this month launched Mythos, its most advanced AI model to date, designed for defensive cybersecurity tasks, though its release has been limited due to concerns over potential misuse.

Some Asian financial regulators said last week that they were taking steps to address potential risks and are closely monitoring developments in the sector.

The ABS is a non-profit organisation representing the interests of the commercial and investment banking community in Singapore, comprising more than 100 local and foreign banks, institutions, and representative offices operating in the country.

News.Az 

By Nijat Babayev