Science & Technology

Central Banks Use Generative AI for Cybersecurity Praising Its Effectiveness

BIS report revealed that most of its central bank members are adopting generative AI to enhance their internal cybersecurity measures. Moreover, they see immediate results of such implementation.

Central Banks Use Generative AI for Cybersecurity Praising Its Effectiveness

The Bank for International Settlements (BIS), an international financial institution consisting of 63 central banks and monetary authorities, published the results of a survey in which half of its central bank members assessed their interest in adopting generative AI (GenAI) tools for cybersecurity.

The survey revealed that 71% of respondents were already using GenAI, while the other 26% planned to incorporate similar tools into their operations within the next one to two years.

Moreover, those organizations that have already implemented the technology have noted its effectiveness in detecting cyber threats compared to traditional tools. For example, generative AI tools have accelerated banks’ response times to cyberattacks and facilitated faster detection of suspicious trends and anomalies. AI improved the automation of cybersecurity tasks and enhanced proactive defence mechanisms.

Significant benefits of GenAI use were also recorded in code creation and debugging, summarising documents and meeting notes, and drafting internal communication messages on the subject. Therefore, central banks surveyed unanimously believe that generative AI tools can eventually replace cybersecurity staff in routine tasks so that human talent can be reallocated for other more challenging initiatives.

The responses made BIS conclude that all of its members will eventually adopt generative AI to enhance their internal cybersecurity measures.

At the same time, significant concerns remain about implementing innovative cybersecurity technology. Thus, risks related to social engineering, zero-day attacks, and unauthorized data disclosure are of the highest concern. Besides, the costs associated with implementing generative AI tools are also significant.

In an age of increasingly sophisticated digital threats, utilizing Artificial Intelligence (AI) in cybersecurity emerges as a vital safeguard in the arsenal of digital protection.

Google CEO Sundar Pichai also stated that artificial intelligence is a tool for large-scale impact on cybersecurity, putting cyber defence ahead of the attacking side.

Nina Bobro

1487 Posts 0 Comments

https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.