The Bank for International Settlements (BIS) believes in the potential for 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 strong interest.
The Bank for International Settlements, an international financial institution comprising 63 central banks and monetary authorities, surveyed 32 of its central bank members to assess their interest in adopting generative AI tools for cybersecurity. The report found:
“More than two-thirds (71%) of survey respondents are already using new generation AI, and 26% have plans 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 enhance their internal cybersecurity measures. Central banks that have already applied generative AI have praised its effectiveness in detecting cyber threats compared to traditional tools.
Moreover, generative AI tools have accelerated banks' response times to cyber attacks and helped detect suspicious trends and anomalies. However, the most common concern for central banks remains the costs associated with implementing generative AI tools.
In addition, the BIS report highlighted:
“The risks related to 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 eventually replace cybersecurity staff for routine tasks. The Bank for International Settlements expects this move to “free up resources” that can be reallocated to other initiatives.
Members of the Bank for International Settlements include the central banks of prominent economies such as Australia, China, France, Belgium, Japan, South Korea, Italy, Switzerland, the United Kingdom, India and others.
Read Cointelegraph's overview to learn more about generative AI.
Related: The Bank for International Settlements (BIS) announces Central Bank Digital Currency (CBDC) and tokenization projects for 2024.
The Bank for International Settlements recently collaborated with seven central banks to explore asset tokenization within the monetary system alongside private financial institutions.
Participating countries include France, Japan, South Korea, Mexico, Switzerland, the United Kingdom and the Federal Reserve Banks of the United States.
The initiative, dubbed “Project Agora,” will be based on the concept of a unified ledger proposed by the Bank for International Settlements that links token commercial bank deposits and central bank funds in token bulk.
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