The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have announced the formation of the AI-Driven Cyber and Technology Risk Taskforce (ACT) to address the growing risks posed by advanced artificial intelligence (AI) models. This initiative, which began in May 2026, seeks to enhance the financial sector’s resilience against AI-driven cyber threats.
Frontier AI technology is transforming the cyber threat landscape by rapidly identifying and exploiting vulnerabilities, which poses significant challenges for the financial sector. The taskforce, comprising leaders in cybersecurity, technology resilience, and AI from organisations such as DBS, OCBC, UOB, and the Singapore Exchange (SGX), aims to strengthen sector-wide preparedness through collaboration and innovation.
The taskforce will focus on three key areas:
Industry Collaboration: Encouraging the sharing of AI cybersecurity use cases and experiences within the financial services industry, and fostering collaboration with cybersecurity and AI experts.
Capability Uplift: Enhancing cyber defence knowledge within the financial services industry and conducting proof-of-concept trials to validate advanced AI-enabled tools.
Guidance Development: Developing new measures, controls, and solutions to improve financial institutions’ ability to detect, prevent, and respond to sophisticated AI-enabled threats.
Vincent Loy, Assistant Managing Director (Technology) and Chief Technology Officer at MAS, emphasised the urgency of the taskforce’s mission, stating, “Frontier AI is increasing the severity, scale, and sophistication of cyber threats. The financial sector must respond with urgency and through strong collaboration.”
Ong-Ang Ai Boon, Director of ABS, added, “AI is reshaping the cyber threat landscape, and the financial sector must continue to move together to stay resilient.”
The taskforce represents a proactive step towards ensuring Singapore’s financial sector remains robust against evolving AI-related risks.
