AI Is Worsening Firms’ Cybersecurity 'Fog of War'
Action Required: Review and update cybersecurity protocols and client identity verification procedures to account for AI-generated fraud.
Compliance experts at the BNY INSITE conference warned that AI is significantly lowering the barrier to entry for creating sophisticated fraudulent schemes. Financial advisors must recognize that AI-driven threats are increasing the 'fog of war' in cybersecurity, necessitating a proactive review of firm defenses and client verification protocols.
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