Financial cybersec info sharing centre publishes GenAI guidance

The Financial Services Information Sharing and Analysis Centre (FS-ISAC), a not-for-profit organisation that offers cyber threat intelligence for the sector, has published guidance on the future of generative artificial intelligence (GenAI) for its members.

In the paper: Charting the Course of AI: Practical Considerations for Financial Services Leaders [pdf], FS-ISAC and its Artificial Intelligence Risk Working Group Future Use Team aims to map out what lies ahead for the technology and its uses.

"Artificial Intelligence (AI) simultaneously inspires optimism and panic," the Singapore-based FS-ISAC said.

Several areas of AI implementation are covered in the paper, to help financial firms predict challenges as well as to identify uncertainties involved in deploying the technology.

Doing so will help financial firms to better leverage the technology, to maximise business impact and minimise risks, the FS-ISAC working group said.

The paper poses eight questions for organisations, to help them prepare for future AI uses:

• Does your organisation have an AI champion?
• How does your organisation train employees to interact with, and support AI?
• What mechanisms does your organisation have for identifying and migrating "shadow AI"?
• Does your organisation look for data diversity in its training data?
• Has your organisation already begun considering the risks surrounding AI?
• Does your organisation deploy GenAI to produce new content?
• Are your AI risks embedded in your risk and control frameworks?
• Is your organisation planning for the impacts of AI?

FS-ISAC has also included realistic short, medium and long-term risk scenarios for leaders, to help them project the outcomes of their choices.

“AI has the ability to completely transform how we do business, but the impact of that transformation largely remains to be seen,”  FS-ISAC’s chief strategy and innovation officer Mike Silverman said.

Silverman added that the guidance provides an ‘all-hazards’ approach for firms to thoughtfully manage AI implementations, supporting the resilience of the financial sector and helping to safeguard trust in the global financial system in coming years.

The financial info sharing organisation's member firms represent US$100 trillion in assets, in 75 countries.