G7 to Discuss AI Security Standards for Financial Systems

Finance Minister Satsuki Katayama said the Group of Seven nations will discuss standards on artificial intelligence security and defense. Speaking in a recent interview, Katayama said financial institutions “need to decide the order of priority for fixing their systems” to prepare for advanced AI models that could detect large numbers of vulnerabilities.

She added that the G7 nations, which include Japan, will discuss related criteria and work together to tackle cyberattacks.

Katayama has been negotiating with the United States to ensure that major financial institutions in Japan have access to these technologies. She indicated that it would be challenging for financial institutions to tackle all vulnerabilities and emphasized the need to identify critical areas beforehand, such as measures against deposit outflows and money laundering.

Services Agency is considering using advanced AI models to conduct cyberattack response drills at financial institutions. “Although we’ll consult with the National Cybersecurity Office, it is possible that the financial industry will (hold such drills) ahead of other industries,” she said.

Katayama aims to act as a bridge between the United States and Europe at meetings among G7 finance ministers and central bank chiefs.