💼U.S. Treasury Department🇺🇸 publishes a report on the impact of AI on financial cybersecurity

💼U.S. Treasury Department🇺🇸 publishes a report on the impact of AI on financial cybersecurity

The drafting of the report was led by the United States Office of Cybersecurity and Critical Infrastructure Protection (OCCIP). As part of the investigation, OCCIP conducted in-depth interviews with 42 companies in the financial and technology services sector.

The report does not impose any requirements, nor does it approve or hinder the use of AI in the financial sector.

As a result, the Treasury Department mentions a series of problems, many of which need to be solved at the state level, not only by Americans:

1️⃣ Eliminating the growing gap in the capabilities of different financial organizations. Often, small businesses lack the necessary resources to train large models.

2️⃣ AI training specifically on the subject of scams and fraud. Data sharing between different institutions and financial platforms is currently insufficient and poorly structured.

3️⃣ Insufficient regulatory coordination between regulatory authorities. In the case of the United States, this is a discrepancy between federal legislation and individual state laws.

4️⃣ Need to map the data supply chain and "label nutritional information" (standardized description). This is necessary to ensure the reliability and confidentiality of information: financial institutions need to know where their data is and how it is used.

5️⃣ Explanation of the decisions proposed by AI + testing and auditing of models. To fully reach them, constant research in the field of generative artificial intelligence is necessary.

6️⃣ Shortage of personnel in the field of AI — both at the support level and usage. This is especially dangerous in teams that manage the risks of AI: for example, in the legal area and compliance with requirements.

7️⃣ From the above, it follows — the need for a common AI lexicon. Financial institutions, regulators and users would all benefit if there was a common dictionary.

8️⃣ Lack of digital identification solutions.

9️⃣ Insufficient international collaboration. Given the current situation in the world, the future paths of AI regulation in the financial sector remain an open question.

Although this report primarily focuses on operational risks, cybersecurity, and fraud issues, OCCIP will continue to study a series of related issues, including the impact of AI on consumers and marginalized communities.

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