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Generative artificial intelligence and cyber security in central banking

Author

Listed:
  • Aldasoro, Inaki
  • Doerr, Sebastian
  • Gambacorta, Leonardo
  • Notra, Sukhvir
  • Oliviero, Tommaso
  • Whyte, David

Abstract

Generative artificial intelligence (gen AI) introduces novel opportunities to strengthen central banks’ cyber security but also presents new risks. We use data from a unique survey among cyber security experts at major central banks to shed light on these issues. Responses reveal that most central banks have already adopted or plan to adopt gen AI tools in the context of cyber security, as perceived benefits outweigh risks. Experts foresee that AI tools will improve cyber threat detection and reduce response time to cyber attacks. Yet gen AI also increases the risks of social engineering attacks and unauthorised data disclosure. To mitigate these risks and harness the benefits of gen AI, central banks anticipate a need for substantial investments in human capital, especially in staff with expertise in both cyber security and AI programming. Finally, while respondents expect gen AI to automate various tasks, they also expect it to support human experts in other roles, such as oversight of AI models.

Suggested Citation

  • Aldasoro, Inaki & Doerr, Sebastian & Gambacorta, Leonardo & Notra, Sukhvir & Oliviero, Tommaso & Whyte, David, 2024. "Generative artificial intelligence and cyber security in central banking," CEPR Discussion Papers 19244, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:19244
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    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law

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