Navigating the NYDFS' Cybersecurity Guidance on AI

In this episode of The Consumer Finance Podcast, Chris Willis is joined by Partner Kim Phan to discuss the latest cybersecurity guidance from the New York Department of Financial Services (NYDFS) concerning artificial intelligence (AI). Released on October 16, this guidance addresses the growing cybersecurity threats posed by AI and provides insights on how financial institutions can mitigate these risks. Kim and Chris delve into the specifics of the guidance, including the expectations for risk assessments, the importance of monitoring AI usage, and practical steps for enhancing cybersecurity measures. They also highlight the dual perspective of AI risks from both external threat actors and internal vulnerabilities, and discuss the potential benefits of integrating AI into cybersecurity strategies. Tune in to gain a comprehensive understanding of how to navigate these new guidelines and stay ahead in the evolving landscape of cybersecurity.