The financial sector is urged to take note of the National Cyber Security Centre’s advice and recommendations regarding cybersecurity and AI
News The Swedish National Cyber Security Centre has recently published advice and recommendations for organisations to follow in order to strengthen their resilience to cyberattacks. The advice and recommendations are divided into two sections, one of which is aimed at policymakers and management, and one which provides in-depth technical advice.
The Riksbank, together with Finansinspektionen (Swedish Financial Supervisory Authority), urges Swedish financial institutions to take note of this advice and these recommendations in order to strengthen the Swedish financial sector’s resilience to AI-enabled cyberattacks.
The risk of cyberattacks is assessed to have increased as a result of the rapid development of frontier AI models, a point raised by the Riksbank in its latest Financial Stability Report, published in May. This is because frontier AI models make it quicker and easier for an attacker to carry out a cyberattack. At the same time, these models can also be used to strengthen protection against cyberattacks.
“Dealing with the opportunities and threats posed by AI is as much a technical challenge as it is a management issue. Cyber-security must be prioritised by all actors in the financial sector,” says Olof Sandstedt, Head of the Financial Stability Department at the Riksbank.