MAS and Singapore 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 strengthen the financial sector's cyber and technology resilience against threats amplified by artificial intelligence. The initiative reflects growing concern among regulators and industry that AI is reshaping the threat landscape, enabling more sophisticated and faster-moving attacks such as convincing deepfakes, automated intrusion attempts and large-scale social-engineering campaigns. The taskforce is expected to bring banks and the central bank together to share intelligence, develop common standards and coordinate defences so that critical financial services remain secure and available. The move builds on a broader body of work by the authority on operational resilience, AI governance and technology risk, as financial institutions become increasingly dependent on digital systems, cloud infrastructure and third-party providers. By pooling expertise across the sector, the effort aims to raise the baseline of protection and improve the industry's ability to detect, respond to and recover from incidents. The announcement underscores Singapore's intent to keep its status as a leading, trusted financial hub while adapting supervision to rapidly evolving technological risks.