MAS’ Cyber Security Advisory Panel Proposes Ways to Tackle Mobile Malware Scams and Generative AI Risks for the Financial Sector

The Monetary Authority of Singapore’s (MAS) Cyber Security Advisory Panel (CSAP) discussed global cybersecurity trends, securing mobile banking, online banking scams, and the use of artificial intelligence in financial institutions at its 7th annual meeting. Key insights included the need for a multi-pronged approach to cyber defense, strengthening multi-factor authentication, raising awareness around generative AI, and leveraging AI to enhance cybersecurity capabilities.