MAS and ABS establish taskforce to address AI-driven cyber and technology risks

On 28 July 2026, the Monetary Authority of Singapore (“<span class="news-text_medium">MAS</span>”) and the Association of Banks in Singapore (“<span class="news-text_medium">ABS</span>”) announced the establishment of the AI-Driven Cyber and Technology Risk Taskforce (“<span class="news-text_medium">ACT</span>”). The Taskforce has been convening since May 2026 and represents a coordinated financial-sector response to risks associated with frontier AI models.

MAS and ABS identify frontier AI as a significant development in the cyber threat landscape. Such technology can rapidly identify and exploit vulnerabilities and automate attacks at scale, increasing the severity, scope and sophistication of cyber risk facing financial institutions. The Taskforce is intended to support a collective, sector-wide response.

The ACT brings together expertise in cybersecurity, technology resilience and AI. Its members include MAS, ABS, DBS, OCBC, UOB, Singapore Exchange, Network for Electronic Transfers and Banking Computer Services.

The Taskforce will focus on three connected workstreams:

• <span class="news-text_medium">Industry collaboration:</span> facilitating the sharing of AI cybersecurity use cases and practical experience across financial services, while supporting engagement with cybersecurity and AI specialists.
• <span class="news-text_medium">Capability uplift:</span> improving cyber-defence knowledge across the industry and conducting proof-of-concept trials of advanced AI-enabled tools against evolving threats.
• <span class="news-text_medium">Guidance development:</span> producing guidance on measures, controls and solutions to help financial institutions detect, prevent and respond to sophisticated AI-enabled attacks.

MAS Assistant Managing Director (Technology) and Chief Technology Officer Vincent Loy stressed that the sector must respond to AI-enabled risks urgently and collaboratively. ABS Director Ong-Ang Ai Boon similarly emphasised the need for close coordination, sound governance and continued partnership between regulators and industry stakeholders.

The creation of the ACT reflects Singapore’s focus on strengthening the financial sector’s capacity to meet emerging AI-related cyber and technology threats through shared intelligence, testing and practical guidance.