Washington: The US Treasury Department announced a public-private initiative to strengthen cybersecurity and risk management for artificial intelligence in the financial services sector. This initiative is part of the President’s AI Action Plan, aiming to enhance secure and resilient AI usage across the US financial system.
According to Anadolu Agency, the Treasury will release six resources developed in partnership with industry, federal, and state regulatory partners. These resources are designed to address gaps in AI usage within the financial sector by providing practical tools for managing AI-specific cybersecurity risks and fostering innovation.
The AI Executive Oversight Group (AIEOG), a key player in this initiative, was formed through a partnership between the Financial and Banking Information Infrastructure Committee and the Financial Services Sector Coordination Council. This group includes senior executives from financial institutions, federal and state-level financial regulators, and other stakeholders.
Participants in the initiative focused on developing guidelines that financial institutions can use to manage AI-related cybersecurity risks effectively. The AIEOG deliverables, which will be released in stages throughout February, address crucial aspects such as governance, data practices, transparency, fraud, and digital identity.
Treasury Secretary Scott Bessent emphasized the importance of the United States taking the lead in developing innovative uses for artificial intelligence, particularly in the financial sector. He highlighted that the collaboration between government and industry is crucial for supporting secure AI adoption, which enhances the resilience of the financial system.
