NYDFS's AI Cybersecurity Guidance Explained: An IRM Approach for Banks Nationwide

On October 16, 2024, the New York State Department of Financial Services (NYDFS) issued groundbreaking guidance addressing the cybersecurity risks of artificial intelligence (AI). The guidance highlights the dual-edged nature of AI in financial services—offering unparalleled opportunities for efficiency and growth while introducing sophisticated cyber threats. As AI technologies evolve, so do the tactics of cybercriminals, necessitating a robust and integrated approach to risk management.