Generative Artificial Intelligence (“GenAI“) has proven an innovative and game-changing resource for businesses, while also presenting an array of thorny challenges. While GenAI has been adopted across a wide range of industries, its application to financial institutions (“FIs“) raises some unique issues, both in terms of opportunities and attendant risks.
In light of this, the Monetary Authority of Singapore has published an information paper on “Cyber Risks Associated with GenAI” (“GenAI Paper“). The GenAI Paper aims to raise FIs’ awareness by highlighting key cyber threats arising from GenAI, the risk implications, and the appropriate mitigation measures that FIs can take.
In this Update, we highlight the key features of the GenAI Paper and what it means for FIs. We also provide an overview of the solutions that Rajah & Tann Technologies and Rajah & Tann Cybersecurity can provide, mapped against the elements of the GenAI Paper.
For more information, click here to read the full Legal Update.
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Rajah & Tann Asia is a network of member firms with local legal practices in Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Our Asian network also includes our regional office in China as well as regional desks focused on Brunei, Japan and South Asia. Member firms are independently constituted and regulated in accordance with relevant local requirements.
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Please note also that whilst the information in this publication is correct to the best of our knowledge and belief at the time of writing, it is only intended to provide a general guide to the subject matter and should not be treated as legal advice or a substitute for specific professional advice for any particular course of action as such information may not suit your specific business and operational requirements. You should seek legal advice for your specific situation. In addition, the information in this publication does not create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on the information in this publication.
