U.S. Department of the Treasury in Washington. (Photo: Diego M. Radzinschi/ALM)
The U.S. Treasury Department underscored for members of the financial services sector recently that artificial intelligence is becoming a powerful weapon for fraudsters and cyberattackers — who will, for a time, outgun defensive efforts.
"Like other critical infrastructure sectors, the financial services sector is increasingly subject to costly cybersecurity threats and cyber-enabled fraud," the department stated in a report released on Apr. 3, 2024. "As access to advanced AI tools becomes more widespread, it is likely that, at least initially, cyberthreat actors utilizing emerging AI tools will have the advantage by outpacing and outnumbering their targets."
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Maydeen Merino
Maydeen Merino is a regulatory reporter, covering the DOJ, FTC, SEC and EPA. She can be reached at [email protected].
