The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have launched an industry-wide taskforce to strengthen the financial sector’s cyber and technology resilience against threats posed by frontier artificial intelligence (AI) models.
The AI-Driven Cyber and Technology Risk Taskforce (ACT), whose members have been working together since May 2026, brings together regulators, banks and financial market infrastructure operators to coordinate the industry’s response to increasingly sophisticated AI-enabled cyber threats.
MAS and ABS said frontier AI is reshaping the cyber threat landscape by enabling attackers to rapidly identify and exploit vulnerabilities while automating attacks at scale, making coordinated sector-wide action increasingly important.
The taskforce adopts a multi-disciplinary approach by bringing together leaders in cybersecurity, technology resilience and AI from MAS, ABS, DBS, OCBC, UOB, Singapore Exchange (SGX), Network for Electronic Transfers (NETS), and Banking Computer Services (BCS).
ACT will focus on three key areas: promoting industry collaboration through the sharing of AI cybersecurity use cases and engagement with cybersecurity and AI experts; enhancing cyber defence capabilities by conducting proof-of-concept trials of advanced AI-enabled tools; and developing guidance to help financial institutions strengthen their cyber security posture against increasingly sophisticated AI-driven threats.
“Frontier AI is increasing the severity, scale and sophistication of cyber threats. The financial sector must respond with urgency and through strong collaboration,” Vincent Loy, MAS assistant managing director (Technology) and chief technology officer, said in a statement.
He added that MAS would work closely with industry partners through the taskforce to strengthen collective defences and ensure Singapore’s financial sector remains resilient against AI-enabled risks.
ABS Director Ong-Ang Ai Boon said AI is reshaping the cyber threat landscape and the financial sector must continue working together to remain resilient.
She said close coordination, strong governance and ongoing partnership between regulators and industry stakeholders would help the sector strengthen cyber and technology resilience against evolving AI-related risks and emerging technologies.