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Mondaq News Alerts: New York Department of Financial Services Releases Guidance on Cyber Risk Related to Artificial Intelligence


The New York Department of Financial Services (NY DFS) has recently issued guidance regarding the use of artificial intelligence (AI) in managing cyber risks. The guidance emphasizes the importance of integrating AI into existing cybersecurity programs to enhance threat detection and response capabilities.

The NY DFS highlights how AI technologies can analyze vast amounts of data to identify vulnerabilities and potential security threats, enabling financial institutions to proactively address cyber risks. The guidance also emphasizes the need for financial institutions to continuously monitor and assess the performance of AI systems to ensure their effectiveness in mitigating cyber threats.

Additionally, the NY DFS recommends that financial institutions implement robust governance, oversight, and accountability measures when utilizing AI for cybersecurity purposes. This includes establishing clear policies and procedures for the development, deployment, and monitoring of AI systems, as well as ensuring that employees are properly trained to utilize AI technologies effectively.

According to the guidance, financial institutions should also consider the ethical implications of using AI in cybersecurity and prioritize transparency, accountability, and fairness in their AI-driven cyber risk management strategies.

Overall, the NY DFS’s guidance serves as a roadmap for financial institutions looking to leverage AI technologies to bolster their cybersecurity defenses. By following the recommendations outlined in the guidance, financial institutions can enhance their cyber risk management practices and better protect themselves against evolving cyber threats in an increasingly digital landscape.

For more information on the NY DFS’s guidance on AI cyber risk management, financial institutions are encouraged to review the full guidance document available on the NY DFS website.

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