MAS publishes information paper on cyber risks associated with generative AI

27 September 2024

On 30 July 2024, the Monetary Authority of Singapore (“MAS”) published an information paper on cyber risks associated with generative artificial intelligence (“GenAI”). The paper aims to raise financial institutions’ (“FIs”) awareness by providing an overview of key cyber threats arising from GenAI, the risk implications, and some of the mitigation measures that FIs could take to address the risks.

Specifically, the paper details how GenAI can be used by threat actors in the form of deepfakes, GenAI-enabled phishing, and malware generation and enhancement. It also covers the threats and risks in relation to GenAI deployments, i.e. unauthorised information disclosure and data leakage, and GenAI model and output manipulation.

MAS states that this information paper will be followed by an information paper on AI model risk management by Q4 2024 or Q1 2025. FIs can also refer to the industry-led Project MindForge’s whitepaper on “Emerging Risks and Opportunities of Generative AI for Banks”.

For more about Project MindForge, please read our article “MAS partners industry to develop generative AI risk framework for financial sector”.

Reference materials

The following materials are available on this webpage of the MAS website www.mas.gov.sg:

• MAS/TCRS/2024/05: Cyber Risks Associated with Generative Artificial Intelligence 
• Project MindForge’s whitepaper on “Emerging Risks and Opportunities of Generative AI for Banks”