Generative AI

Bank

DeFi

Planet

<div class="intro-text"> 
 In a recent<a style="color: #0000ff;" href="https://www.bis.org/publ/bppdf/bispap145.pdf"> report</a>, the Bank for International Settlements (BIS) revealed a significant trend among central banks toward adopting generative artificial intelligence (AI) to bolster cybersecurity measures. 
 According to the report:&nbsp; 
</div> 
<blockquote class="pullquote align-center">
 “Cyber attacks are increasing in frequency and complexity, with the financial sector being a prime target. Central banks, responsible for managing critical financial infrastructures and safeguarding confidential information, are particularly vulnerable. A 2024 report by the US Department of the Treasury emphasized the importance of generative artificial intelligence (gen AI) for enhancing cybersecurity in the financial sector.” 
 
</blockquote> 
The BIS, consisting of 63 central banks and monetary authorities, surveyed 32 members and found that 71% are already utilizing generative AI, with an additional 26% planning to integrate such tools within the next one to two years. 
Generative AI has garnered praise for its efficacy in detecting cyber threats, surpassing traditional methods. It has notably enhanced response times to cyberattacks and aided in identifying suspicious trends and anomalies. Despite these benefits, central banks express concerns over the costs associated with implementing generative AI tools. 
The<a style="color: #0000ff;" href="https://www.bis.org/publ/bppdf/bispap145.pdf"> report</a> highlighted central banks’ primary worries regarding social engineering, zero-day attacks, and unauthorized data disclosure. 
 The BIS report highlighted: 
<blockquote class="pullquote align-center">
 “Risks related to social engineering and zero-day attacks as well as unauthorized data disclosure are of highest concern.” 
 
</blockquote> 
However, central banks unanimously believe that generative AI tools could eventually replace cybersecurity staff in performing routine tasks, thereby freeing up resources for other initiatives. 
The BIS, in collaboration with seven central banks, including those of France, Japan, and the United States, is embarking on “Project Agora.” 
This initiative<a style="color: #0000ff;" href="https://www.bis.org/publ/bppdf/bispap145.pdf"> aims</a> to explore asset tokenization within the monetary system in conjunction with private financial institutions. It builds upon a unified ledger concept proposed by the BIS, which seeks to bridge tokenized commercial bank deposits with tokenized wholesale central bank money. 
&nbsp; 
&nbsp; 
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/">DeFi Planet</a> and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402">Facebook</a>, <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/">Instagram</a>, and <a style="color: #0000ff;" href="https://coinmarketcap.com/community/profile/DeFiPlanet/">CoinMarketCap Community</a>. 
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.” 
The post <a href="https://defi-planet.com/2024/05/central-banks-embrace-generative-ai-for-cybersecurity-bis/">Central Banks Embrace Generative AI for Cybersecurity: BIS</a> appeared first on <a href="https://defi-planet.com">DeFi Planet</a>.

Central Banks Embrace Generative AI for Cybersecurity: BIS

DeFi Planet

Other articles published on May 28, 2024

Multiple Bitcoin (BTC) Metrics Hints Bull Rally Is Ahead

Ripple Faces Speculation and Whale Transfers

Investing in Bitcoin vs. Bitbot: Which Offers the Best Gains This Bull Run?

Cryptocurrency Render Decreases More Than 3% Within 24 hours

Trump-themed MAGA Plummets From All-Time High: Is Recovery In Sight?

Unlock Steady Passive Income with Crypto Staking: The Ultimate Guide to CryptoHeap

Join our free newsletter for daily crypto updates!