New York Department of Financial Services addresses cybersecurity risks from artificial intelligence
October 30, 2024
On October 16, 2024, the New York Department of Financial Services (“NYDFS” or “DFS”) issued guidance raising awareness about combatting cybersecurity risks arising from artificial intelligence (“AI”) used by DFS licensees, such as insurers and virtual currency businesses. Risks revolve around both threat actors’ use of AI offensively and businesses’ increasing AI reliance. The short guidance acknowledges that many AI-related risks exist, focuses on those risks specific to cybersecurity, and highlights some of the NYDFS’s key risks.