Singapore's MAS and Banks Form Taskforce to Counter AI-Driven Cyber Threats

The Monetary Authority of Singapore, together with the Association of Banks in Singapore, has established a taskforce to bolster the financial sector's resilience against cyber and technology threats that are being intensified by rapid advances in artificial intelligence. The move, highlighted around the release of the central bank's annual report, reflects mounting concern that increasingly capable AI models can be used to craft more sophisticated fraud, phishing and cyberattacks, while also raising the operational stakes of outages at banks, insurers and their technology providers. The taskforce is intended to coordinate the industry's response, share threat intelligence and develop practical measures to help institutions detect, prevent and recover from AI-enabled attacks. It builds on Singapore's broader agenda of promoting responsible AI adoption in finance alongside stronger cyber and operational-resilience standards, and complements recent cross-border cooperation, including an arrangement with Thailand's central bank to run joint cybersecurity exercises. For a global financial hub that has made digital innovation central to its strategy, the initiative underscores that safeguarding trust and system stability is viewed as a prerequisite for wider technology adoption rather than an afterthought.