Generative artificial intelligence and cyber security in central banking (2024)

Generative artificial intelligence (gen AI) introduces novel opportunities to strengthencentral banks' cyber security but also presents new risks. We use data from a uniquesurvey among cyber security experts at major central banks to shed light on theseissues. Responses reveal that most central banks have already adopted or plan toadopt gen AI tools in the context of cyber security, as perceived benefits outweighrisks. Experts foresee that AI tools will improve cyber threat detection and reduceresponse time to cyber attacks. Yet gen AI also increases the risks of socialengineering attacks and unauthorised data disclosure. To mitigate these risks andharness the benefits of gen AI, central banks anticipate a need for substantialinvestments in human capital, especially in staff with expertise in both cyber securityand AI programming. Finally, while respondents expect gen AI to automate varioustasks, they also expect it to support human experts in other roles, such as oversightof AI models.

JEL classification: E58, G20, G28, K24

Keywords: artificial intelligence, cyber security, central banks, human capital