The Department of the Treasury has completed a public-private initiative aimed at strengthening cybersecurity and risk management for artificial intelligence in the financial services sector.
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The department said Wednesday it will publish six resources in February that were developed with industry and federal and state regulators. The resources are intended to promote secure, resilient AI adoption across the U.S. financial system.
The initiative follows 2024 Treasury reports noting that financial institutions are increasing their use of AI, including generative AI, for cybersecurity and fraud detection, and highlighting potential vulnerabilities associated with AI adoption in the financial sector.
What Is the Artificial Intelligence Executive Oversight Group?
The Artificial Intelligence Executive Oversight Group, or AIEOG, brings together financial institutions, federal and state regulators, and sector stakeholders. Formed through a partnership between the Financial and Banking Information Infrastructure Committee and the Financial Services Sector Coordinating Council, the group examined gaps in AI adoption and developed tools to address AI-specific cyber risks.
What Do the New Resources Address?
The resources will cover potential uses of AI in governance, data practices, transparency, fraud prevention and digital identity. They are designed to provide practical implementation guidance rather than new regulatory mandates, with a focus on helping small and mid-sized institutions manage AI-related threats.
How Does the Treasury Initiative Support the AI Action Plan?
The initiative aligns with the White House’s AI Action Plan through efforts to enhance AI system security across financial services, advance best practices for responsible deployment and support broader international use of U.S.-developed AI technologies.
