US Treasury announces initiative to strengthen cybersecurity, risk management for AI

By Mucahithan Avcioglu

ISTANBUL (AA) - The US Treasury Department announced Wednesday a public-private initiative to strengthen cybersecurity and risk management for artificial intelligence.

"In support of the President’s AI Action Plan, the U.S. Department of the Treasury today announced the conclusion of a major public-private initiative to strengthen cybersecurity and risk management for artificial intelligence (AI) in the financial services sector," the agency said in a statement.

It noted that in the course of the month, the agency will release six resources developed in partnership with industry and federal and state regulatory partners to enable "secure and resilient" AI across the US financial system.

It emphasized that the AI ​​Executive Oversight Group (AIEOG), formed through a partnership between the Financial and Banking Information Infrastructure Committee and the Financial Services Sector Coordination Council, brings together senior executives from financial institutions, federal and state-level financial regulators and other key stakeholders.

The statement noted that participants focused on addressing identified gaps in the use of artificial intelligence in the financial sector by developing practical tools that financial institutions can use to manage AI-specific cybersecurity risks and foster innovation.

"Treasury will release the AIEOG deliverables in stages throughout February. The AIEOG workstreams provide a foundation for the use of AI in financial services, addressing governance, data practices, transparency, fraud, and digital identity in an integrated way," it said.

“As this Administration has made clear, it is imperative that the United States take the lead on developing innovative uses for artificial intelligence, and nowhere is that more important than in the financial sector,” said Treasury Secretary Scott Bessent. “This work demonstrates that government and industry can come together to support secure AI adoption that increases the resilience of our financial system.”