MAS and ABS form industry taskforce against AI cyberthreats

The taskforce brings together members from DBS, OCBC, UOB, NETS, and the SGX, amongst others.

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have established the AI-Driven Cyber and Technology Risk Taskforce (ACT).

The taskforce aims to strengthen collective cyber and technology resilience in response to the emerging risks posed by frontier artificial intelligence (AI), the two organisations said in a joint statement on 28 July 2026.

The taskforce brings together members from MAS, the ABS, DBS, OCBC, UOB, the Singapore Exchange, Network for Electronic Transfers (NETS), and Banking Computer Services (BCS), amongst other leaders in cybersecurity, technology resilience, and AI to enhance sector-wide preparedness.

Frontier AI technology has the ability to rapidly identify, exploit vulnerabilities, and automate attacks at scale, according to MAS and the ABS. This is a serious cause for concern for the financial sector.

The taskforce focuses on facilitating industry collaboration, such as sharing AI cybersecurity use cases and experiences.

It also aims to uplift cyber defence knowledge and conduct proof-of-concept trials of AI-enabled tools, and develop guidance on new measures, controls, and solutions against sophisticated AI-enabled threats.