Reston, VA, US, January 30, 2025 – To help financial firms understand and mitigate the risks posed by implementing Generative Artificial Intelligence (GenAI), FS-ISAC, the member-driven, not-for-profit organization that advances cybersecurity and resilience in the global financial system, has published step-by-step guidance titled More Opportunity, Less Risk: 8 Steps to Manage Financial Services Data with GenAI.
“GenAI presents enormous opportunities for financial firms to improve business operations, provide better customer service, and even improve their cybersecurity posture,” said Michael Silverman, Chief Strategy & Innovation Officer at FS-ISAC. “However, just like any new technological development, GenAI increases security risks when it’s not leveraged in a safe and compliant manner. This guidance allows financial institutions to experience the positive offerings of GenAI by outlining the risks and corresponding steps to mitigate the threats.”
Developed by FS-ISAC’s Artificial Intelligence Working Group, the guideline outlines eight foundational steps to developing an effective data governance approach that harnesses the benefits of GenAI while remaining compliant with security standards.
GenAI use cases and risks are still evolving, and while GenAI offers great potential for financial services processes, the sector has many concerns about data security, usage, privacy, and compliance. This report is designed to help financial institutions assess their needs and determine a secure and effective approach to using GenAI in data governance.
The report is available for download here.
About FS-ISAC
FS-ISAC is the member-driven, not-for-profit organization that advances cybersecurity and resilience in the global financial system, protecting the financial institutions and the people they serve. Founded in 1999, the organization’s real-time information-sharing network amplifies the intelligence, knowledge, and practices of its members for the financial sector’s collective security and defenses. Member financial firms represent $100 trillion in assets in 75 countries.
Contacts for Media
media@fsisac.com
+++