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.
