The increasing sophistication of cyber threats, amplified by advancements in artificial intelligence, is emerging as a paramount concern for global financial institutions. Tan Su Shan, CEO of DBS, highlighted this burgeoning risk, stating that the “new war is cyber,” and it is this evolving threat landscape that demands constant vigilance.
Speaking on the sidelines of CNBC’s CONVERGE LIVE event in Singapore, Tan articulated a strategic imperative for banks to adopt a mindset of “assume nothing, trust nothing, trust nobody” when it comes to cybersecurity. This philosophy underpins DBS’s proactive approach, which includes continuous “red teaming” – a rigorous process of simulating cyberattacks to identify and address system vulnerabilities before malicious actors can exploit them.
The integration of generative and “agentic” AI, while promising significant boosts in productivity and operational efficiencies, simultaneously expands the “attack surface” for cyber threats. Tan emphasized that as these powerful AI systems interface with critical, customer-facing, and core banking infrastructure, stringent “guardrails” are indispensable. The ability to safely and intelligently adopt AI is becoming a key differentiator, separating successful institutions from those vulnerable to sophisticated attacks.
This heightened awareness of cyber risk is not occurring in a vacuum. Financial institutions are navigating an increasingly volatile global environment marked by supply chain disruptions, geopolitical tensions, and conflict-driven shocks. These multifaceted pressures necessitate a holistic reevaluation of resilience, extending from supply chain management to the integrity of payment systems.
Tan underscored that in this complex operating landscape, robust cybersecurity requires building redundancy, developing alternative operational pathways, and maintaining comprehensive contingency plans. The mantra for navigating these challenges is clear: “Prepare for the worst, hope for the best, but have that playbook ready.”
For DBS, this translates into a deep commitment to robust data governance throughout its lifecycle. This includes meticulous oversight from data creation to its eventual deletion, coupled with transparent and auditable controls on access. Such a framework is crucial for safeguarding sensitive information and ensuring the foundational security of its core banking operations, especially as AI technologies become more deeply embedded. The ongoing evolution of cyber threats, intertwined with geopolitical shifts and technological leaps, presents a continuous challenge that demands strategic foresight and unwavering dedication to security.
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