Singapore central bank launches AI cyber risk taskforce

The Monetary Authority of Singapore has launched an AI-driven Cyber and Technology Risk Taskforce in Singapore with major banks and technology firms to strengthen defenses against AI-enabled cyber threats.

Members include the Association of Banks in Singapore, DBS, OCBC, UOB, Singapore Exchange, NETS and Banking Computer Services, alongside MAS. The group will run joint proof-of-concept trials and exchange practical experience to assess how advanced AI tools perform against emerging threats.

Participants will submit real-world use cases for shared testing. The trials will examine AI techniques for threat detection, incident response and mitigation, and will also look for gaps in current protections and operational challenges when deploying such tools across the financial sector.

Vincent Loy, assistant managing director and chief technology officer at MAS, warned: “Frontier AI is increasing the severity, scale and sophistication of cyber threats. The financial sector must respond with urgency and through strong collaboration. Through this Taskforce, MAS will work closely with industry partners to strengthen our collective defences and ensure Singapore’s financial sector remains resilient against AI-enabled risks.”

MAS said the programme focuses on practical validation of AI-enabled cybersecurity tools rather than on immediate regulatory changes. Results from the trials will be used to develop shared best practices and to inform any future policy or operational guidance for the financial sector.