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ARTICLE · 23 OCTOBER 2024

NY DFS Issues Guidance On AI Cyber Risk

Wilson Elser Moskowitz Edelman & Dicker LLP
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On October 16, 2024, the New York State Department of Financial Services (NY DFS) issued important guidance on steps that organizations can take to detect and mitigate cybersecurity risk posed by artificial intelligence (AI).

United StatesTechnology
Anjali Das
Anjali Das
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On October 16, 2024, the New York State Department of Financial Services (NY DFS) issued important guidance on steps that organizations can take to detect and mitigate cybersecurity risk posed by artificial intelligence (AI). While the guidance was addressed to organizations licensed and regulated by NY DFS in the banking, financial services and/or insurance sectors, it provides a useful framework for organizations across all industry sectors that continue to experience heightened risk of cyber threats compounded by advances in and proliferation of evolving AI technology.

AI Cyber Risks

As noted by NY DFS, AI has increased cybersecurity risks of organizations in several ways. First, threat actors are using AI tools to conduct sophisticated and realistic social engineering scams through the use of email (phishing), telephone (vishing) and text messages (smishing). Second, cybercriminals can leverage AI tools that accelerate the speed, scale, number and severity

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