The U.S. Department of the Treasury has announced the conclusion of a major public-private initiative aimed at strengthening cybersecurity and risk management for artificial intelligence in the financial services sector.
The department said it will release six resources, developed in collaboration with industry leaders and federal and state regulators, to promote secure and resilient AI adoption across the U.S. financial system.
The resources focus on governance, data practices, fraud prevention, digital identity, and secure AI implementation across institutions of all sizes.
“As this administration has made clear, it is imperative that the United States take the lead on developing innovative uses for artificial intelligence, and nowhere is that more important than in the financial sector. This work demonstrates that government and industry can come together to support secure AI adoption that increases the resilience of our financial system,” said Scott Bessent, Secretary of the Treasury.
The Artificial Intelligence Executive Oversight Group, a partnership between the Financial and Banking Information Infrastructure Committee and the Financial Services Sector Coordinating Council, convened senior executives, regulators, and stakeholders to address AI-related cybersecurity gaps, according to a Treasury press release.
“Treasury brought public- and private-sector partners together to develop practical tools that can effect real change in the financial sector through the AIEOG,” said Cory Wilson, Deputy Assistant Secretary for Cybersecurity and Critical Infrastructure Protection.