Singapore's central bank convenes AI-Driven Cyber and Technology Risk Taskforce
Insight . Intelligence . Accountability
A new wave of professionals is transforming Governance, Risk, and Compliance from a rigid framework into a dynamic force for trust, innovation, and resilience. Governance, Risk, and Compliance (GRC) has long been associated with boardrooms and bureaucracy—a domain reserved for executives and auditors. But that image is changing fast.
The Monetary Authority of Singapore (MAS) says the industry-wide initiative is intended to strengthen collective cyber and technology resilience in response to the emerging risks posed by frontier artificial intelligence (AI) models.
The Taskforce includes members from MAS, ABS, DBS, OCBC, UOB, Singapore Exchange (SGX), Network for Electronic Transfers (NETS), and Banking Computer Services (BCS).
Members will share AI cybersecurity use cases and experience and conduct proof-of-concept trials to explore and validate advanced AI-enabled tools against the evolving threat landscape.
Vincent Loy, assistant managing director and CTO, MAS, says: “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.”
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