The Bank for International Settlements (BIS) has expressed confidence in the potential widespread adoption of generative artificial intelligence (AI), an area that has garnered significant interest from central banks worldwide.
Comprised of 63 central banks and monetary authorities, the BIS conducted a survey among 32 of its central bank members to gauge their interest in utilizing generative AI tools for cybersecurity. The findings of the report revealed that 71% of respondents already employ gen AI, while an additional 26% have plans to integrate such tools into their operations within the next one to two years.
The BIS foresees all of its members adopting generative AI to bolster their internal cybersecurity measures. Those central banks that have already implemented generative AI have praised its efficacy in detecting cyber threats when compared to traditional tools.
Notably, generative AI tools have also expedited banks’ response times to cyberattacks and have proven instrumental in identifying suspicious trends and anomalies. Nevertheless, the primary concern for central banks remains the costs associated with implementing generative AI tools.
Furthermore, the BIS report emphasized that central banks unanimously believe that generative AI tools have the potential to eventually replace cybersecurity staff in carrying out routine tasks. The BIS anticipates that this transition will “free up resources” that can be allocated to other initiatives.
Prominent economies such as Australia, China, France, Belgium, Japan, South Korea, Italy, Switzerland, the United Kingdom, and India are among the members of the BIS.
To delve deeper into the subject of generative AI, Cointelegraph provides a comprehensive overview.
In related news, the BIS recently joined forces with seven central banks and private financial institutions to explore asset tokenization within the monetary system. Participating countries include France, Japan, South Korea, Mexico, Switzerland, the United Kingdom, and the United States Federal Reserve Banks.
Dubbed “Project Agora,” the initiative will build upon a unified ledger concept proposed by the BIS, which aims to bridge tokenized commercial bank deposits and tokenized wholesale central bank money.
In the world of blockchain, Ronin has climbed to the second position for daily users due to the popularity of bots and airdrops. This development has garnered attention from fans of Not Pixels magazine.