The Bank for International Settlements (BIS) believes in the potential for the adoption of generative artificial intelligence (AI).
The Bank for International Settlements (BIS) believes in the potential for widespread adoption of generative artificial intelligence (AI), an area in which several central banks have shown keen interest.
The Bank for International Settlements, an international financial institution comprising 63 central banks and monetary authorities, surveyed 32 of its member central banks to gauge their interest in adopting generative AI tools for cybersecurity. The report found:
“More than two-thirds (71%) of respondents are already using next-generation AI, and 26% plan to integrate these tools into their operations within the next year or two. »
The Bank for International Settlements expects all its members to adopt generative AI to strengthen their internal cybersecurity measures. Central banks that have already applied generative AI have praised its effectiveness in detecting cyber threats compared to traditional tools.
Additionally, generative AI tools have accelerated banks’ response times to cyberattacks and helped detect suspicious trends and anomalies. However, the most common concern for central banks remains the costs associated with implementing generative AI tools.
Furthermore, the BIS report highlights:
“The risks associated with social engineering and zero-day attacks as well as unauthorized data disclosure are a major concern. »
Central banks unanimously believe that generative AI tools could ultimately replace cybersecurity personnel for routine tasks. The Bank for International Settlements hopes the move will “free up resources” that can be reallocated to other initiatives.
Members of the Bank for International Settlements include the central banks of leading economies such as Australia, China, France, Belgium, Japan, South Korea, Italy, Switzerland, the Kingdom -United, India and others.
Read Cointelegraph’s presentation to learn more about generative AI.
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The Bank for International Settlements recently collaborated with seven central banks to explore the tokenization of assets within the monetary system alongside private financial institutions.
Participating countries include France, Japan, South Korea, Mexico, Switzerland, the United Kingdom and the United States Federal Reserve.
The initiative, dubbed “Project Agora,” will be based on the concept of a unified ledger proposed by the Bank for International Settlements that links commercial bank token deposits and central bank funds into token mass.
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