MAS forms AI cyber and technology risk taskforce

The Monetary Authority of Singapore has convened an AI-Driven Cyber and Technology Risk Taskforce with leading banks and technology firms in Singapore to bolster sector-wide cyber and technology resilience against risks posed by advanced AI models.

Members include the Association of Banks in Singapore, DBS, OCBC, UOB, Singapore Exchange (SGX), Network for Electronic Transfers (NETS) and Banking Computer Services (BCS), working alongside MAS.

Participants will share AI-related cybersecurity use cases and run proof-of-concept trials to evaluate advanced AI-enabled tools. The exercises will test how models can detect, prevent or respond to attacks and how the same technologies might be exploited by threat actors.

Results from the trials will feed into collective safeguards and guide coordinated upgrades to cyber and technology risk management across the financial system.

Vincent Loy, assistant managing director and chief technology officer at MAS, warned that frontier AI has raised the scale and sophistication of cyber threats and called for urgent, coordinated industry action to strengthen defenses.

MAS described the taskforce as an industry-led effort coordinated with the central bank. Officials did not provide a public timeline for the trials or specify which technologies will be evaluated. Participants are expected to report findings to the wider financial community in Singapore.

The formation of the taskforce follows concerns that highly capable AI systems can automate and scale malicious activity, generate convincing social-engineering content and bypass traditional controls. The group will pool technical knowledge and run controlled tests to assess and validate potential defenses.