FS-ISAC has released a new report titled “Charting the Course of AI: Practical Considerations for Financial Services Leaders,” offering a strategic roadmap for financial firms in Singapore and globally to adopt generative AI (GenAI) responsibly. The guidance arrives as the sector grapples with AI readiness challenges, with only 13% of Singaporean organisations fully prepared for AI adoption, according to the Cisco AI Readiness Index.
The report, developed by FS-ISAC’s AI Risk Working Group, addresses the complexities of implementing GenAI safely and effectively. It highlights significant hurdles such as infrastructure needs, regulatory changes, copyright issues, and talent shortages. Mike Silverman, FS-ISAC’s Chief Strategy & Innovation Officer, stated, “AI has the ability to completely transform how we do business, but the impact of that transformation largely remains to be seen.”
Key takeaways from the whitepaper include eight critical questions designed to help organisations prepare for future AI uses, focusing on governance, training, data diversity, and risk management. Additionally, the paper outlines realistic short-, medium-, and long-term risk scenarios to aid leaders in proactive risk management.
The guidance is timely, as 91% of Singapore organisations have experienced identity-related breaches, partly due to increased use of multi-cloud and AI technologies. By leveraging the insights provided, firms can better integrate AI whilst managing associated risks, ultimately supporting the resilience of the financial sector and safeguarding trust in the global financial system.
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