[Bank for International Settlements: Central banks turn to generating artificial intelligence to enhance cybersecurity]

The Bank for International Settlements (BIS) believes that generative artificial intelligence (AI) has broad application potential, and many central banks have shown strong interest in it.

BIS, an international financial institution composed of 63 central banks and monetary authorities, surveyed 32 of its member central banks to assess their interest in generative AI tools in the cybersecurity industry. “More than two-thirds (71%) of respondents are already using generative AI, and another 26% plan to incorporate such tools in the next one to two years,” the report states.

BIS predicts that all of its members will adopt generative AI to enhance internal network security. Central banks that have implemented generative AI have praised its effectiveness in detecting cyber threats, superior to traditional tools.

Generative AI tools speed up banks’ response to cyberattacks and help detect suspicious trends and anomalies. However, the cost of implementing generative AI tools remains a major concern for central banks.

The BIS report also highlights: "Risks associated with social engineering and zero-day attacks, as well as unauthorized data disclosure, are of greatest concern."

Central banks agree that generative AI tools could eventually replace cybersecurity employees in performing routine tasks. BIS expects the move will "free up resources" that can be reallocated to other projects.

BIS members include the central banks of major economies including Australia, China, France, Belgium, Japan, South Korea, Italy, Switzerland, the United Kingdom and India.

Recently, BIS partnered with seven central banks to explore the tokenization of assets in the monetary system with private financial institutions.

Participating countries include France, Japan, South Korea, Mexico, Switzerland, the United Kingdom and the U.S. Federal Reserve Bank.

This initiative called "Agora Project" is based on the unified ledger concept proposed by BIS and connects tokenized commercial bank deposits and tokenized wholesale central bank currency.

#鴉快訊