Financial Security Institute launches financial security AI working group, vows to 'support safe use of AI'

2024.07.25. The Fair Economy — The Financial Security Institute announced on the 25th that it has formed a Financial Security AI Working Group and held its first meeting to devise ways for the safe and reliable use of artificial intelligence (AI) in the financial sector.

According to the Financial Security Institute, the working group brings together security and AI officers from financial companies to share information and identify and carry out joint tasks, enabling financial firms to quickly respond to various security threats that could undermine AI safety and reliability.

The institute also plans to gather various opinions from financial companies to make recommendations to financial authorities, and to share discussions from the Financial Services Commission-led 'Financial Sector AI Council,' in which the institute participates, with the working group, thereby strengthening ties between financial authorities and financial companies.

About 30 working-level officials from 19 financial companies attended this kickoff meeting. They actively discussed various topics, starting with the composition and future operation plans of the working group, as well as trends in domestic and international AI safety frameworks, security verification systems for financial AI models, and ways to utilize federated learning in the financial sector.

Given the strong interest and investment in AI technology utilization within the financial sector, the number of participating financial companies is expected to grow significantly in the future.

"Just as the internet has become ubiquitous, AI technology will become an essential part of our daily lives," said Kim Cheol-ung, head of the Financial Security Institute. "In particular, it is crucial to ensure safety and reliability across all uses of AI technology, which requires large volumes of training data. The institute will actively support the working group so that the financial sector can pool its efforts to solve the various problems arising from AI adoption."