Fed’s Bowman Says AI Is Blessing and Threat to Bank Security

Federal Reserve Vice Chair for Supervision Michelle Bowman warned about the danger artificial intelligence poses to banks while also touting its benefits. “While banks continue to face a number of risks like ransomware , business email compromise and vendor data breaches, the increased availability and use of AI by threat actors adds complexity to the risk environment,” Bowman said in remarks prepared for Tuesday’s (Sept. 29) Community Bank Cyber Workshop in Denver, Colorado.