AI Is Making Banks More Vulnerable to Cyberattacks, Swiss Financial Regulator Warns

Artificial intelligence is rapidly transforming the financial sector, but it is also creating new cybersecurity risks that banks and regulators may not be equipped to handle.

That’s the warning from Marlene Amstad, president of Switzerland’s financial regulator FINMA, who says banks and financial watchdogs need to adopt AI-powered security tools much faster as hackers increasingly use artificial intelligence to identify and exploit vulnerabilities.