The U.S. Department of the Treasury recently unveiled a comprehensive report on Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Sector. Directed by Presidential Executive Order 14110, the report underscores the Biden Administration's commitment to secure AI integration in finance.
Key findings address the widening capability gap between large and small institutions, the imperative for data sharing in fraud prevention, and regulatory coordination challenges. The report also advocates for expanding the NIST AI Risk Management Framework and developing best practices for data supply chain mapping. As Treasury embarks on collaborative efforts with stakeholders to address these challenges, the report serves as a foundational resource. Access the full report.