The Monetary Authority of Singapore (MAS) recently held its seventh annual meeting of the Cyber Security Advisory Panel (CSAP) with cybersecurity experts from around the world. The meeting, which occurred on the 24th and 25th of October 2023, delved into pressing issues in the financial sector.
Topics covered included the growing challenges in mobile banking security due to the increase in online scams and the expanding use of artificial intelligence (AI) in the financial industry.
One key insight from the CSAP meeting involves adopting an ecosystem-based approach to bolster cybersecurity and maintain trust in online financial services.
To counteract mobile malware scams, a multifaceted strategy is recommended. This includes collaborating with technology suppliers to reduce the risk of malicious side-loaded mobile applications.
Another important proposal is the reinforcement of multi-factor authentication (MFA) for mobile banking and payments.
The panel backs the idea of implementing “passwordless” and “out-of-band” authentication methods, separate from the mobile device used for transactions. These measures aim to enhance security.
The third insight revolves around the growing adoption of Generative AI (GenAI) by financial institutions. As financial institutions incorporate GenAI into their operations, they must also be vigilant about the associated risks, such as data leakage and data poisoning.
To mitigate these risks, financial institutions should establish safeguarding measures, educate employees on GenAI’s safe usage, and implement comprehensive data handling policies.
Lastly, the panel experts highlight the use of AI to enhance cybersecurity in financial institutions, suggesting its deployment in secure code development, security monitoring, threat detection, and red-team exercises.
This integration of AI is expected to bolster the overall effectiveness and resilience of cybersecurity measures within financial institutions.