MAS and ABS establish taskforce to strengthen cyber and technology resilience against AI-driven threats
27 August 2026
On 28 July 2026, the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (“ABS”) announced the establishment of the AI-Driven Cyber and Technology Risk Taskforce (“ACT”), an industry-wide initiative to strengthen collective cyber and technology resilience in response to the emerging risks posed by frontier artificial intelligence (“AI”) models, whose ability to rapidly identify and exploit vulnerabilities and automate attacks at scale is a serious cause for concern for the financial sector.
The ACT, which comprises leaders in cybersecurity, technology resilience, and AI, will address emerging AI-driven threats through collaboration, innovation, and shared expertise and focus on three areas:
- Industry collaboration: Facilitate financial services industry sharing of AI cybersecurity use cases and experience as well as support engagement and collaboration with industry cybersecurity and AI experts.
- Capability uplift: Uplift financial services industry cyber defence knowledge and conduct proof-of-concept trials to explore and validate advanced
AI-enabled tools against the evolving threat landscape. - Guidance development: Strengthen financial institutions’ cyber security posture by developing guidance on new measures, controls, and solutions to better detect, prevent, and respond to sophisticated AI-enabled threats.
Reference materials
The media release is available on the website of the Association of Banks in Singapore www.abs.org.sg.