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The Bank for International Settlements (BIS) published a report showing central banks’ tendency to adopt generative AI for cybersecurity. BIS, consisting of 63 central banks and monetary authorities, conducted a survey among 32 member central banks to gauge their interest in integrating generative AI tools into cybersecurity operations. The report indicates that 71% of participants already use generative AI, while 26% plan to integrate such tools within the next one to two years.
Praise for Generative AI
Generative AI received praise from the central banks that have already implemented it. It stood out for its effectiveness in detecting cyber threats compared to traditional security measures. Additionally, it played a significant role in speeding up response times to cyber-attacks and identifying suspicious patterns and anomalies. However, despite these benefits, concerns about the costs of implementing generative AI tools persist among central banks.
The BIS report also highlights the main cybersecurity risks faced by central banks, listing social engineering, zero-day attacks, and unauthorized data disclosure as top priorities. Moreover, there is a widespread belief among central banks that generative AI tools could replace cybersecurity personnel for routine tasks, thereby freeing up resources for other strategic initiatives.
The inclusion of central banks from various major economies such as Australia, China, France, Japan, Switzerland, and the USA in BIS underscores the global significance of adopting generative AI.
Exploring Innovative Projects
Besides cybersecurity, BIS actively continues to explore other innovative projects in digital finance. Recently, it announced the “Agora Project,” which aims to explore asset tokenization within the monetary system in collaboration with private financial institutions and seven central banks. This initiative reflects the ongoing efforts of central banks to leverage new technologies to enhance financial infrastructure and efficiency.
The BIS report highlighted the increasing use of generative AI for cybersecurity among central banks. The report acknowledges the potential of this technology to strengthen defenses against cyber threats while also recognizing the challenges and risks associated with its implementation.
