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Disclaimer: This story was originally published on May 29, 2024.

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Members of a cybersecurity forum for central banks to enhance cyber resilience are developing a strong interest in using generative artificial intelligence (AI), a recent survey by the Bank for International Settlements (BIS) finds.

The BIS, an international financial institution comprising 63 member central banks for global monetary cooperation and serves as a bank for central banks, polled 32 members of its Global Cyber Resilience Group (GCRG) to assess the current status of generative AI adoption among central banks. The survey also attempted to explore the respondents’ evaluations of the benefits and challenges associated with the use of generative AI in cybersecurity.

Over two-thirds (71%) of respondents already use generative AI, while 26% plan to integrate such tools into their operations within the next one to two years, the report finds. It noted that the adoption rate could reach 100% in the near term.

According to the survey, current implementation and interest in generative AI in central banking among respondents suggest that the technology offers “more benefits than risks,” especially about specific aspects of cybersecurity, such as threat detection.

However, the study revealed a lack of human capital investment in AI adoption, with over half of respondents still developing their evaluation and adoption strategies. Pollees cited insufficient tech skills among general staff and a shortage of AI-savvy cybersecurity experts despite the potential for AI to streamline operations and free up resources for strategic initiatives.

While generative AI offers the potential to surpass traditional cybersecurity methods, the survey reveals it also introduces new challenges, with respondents citing potential vulnerabilities in central banks' defenses. Social engineering, zero-day attacks, and unauthorized data disclosure are top concerns.

Central banks see generative AI as a game-changer for cybersecurity, enabling them to anticipate and neutralize threats instead of just reacting to them. However, figuring out how much freedom to give these AI tools and how they’ll work alongside humans is crucial. The survey said that banks will need to bring in data scientists, AI security specialists, and people to oversee the AI to make sure it’s used effectively with existing security measures.