New Zealand’s financial regulators have issued guidance urging financial institutions to bolster their defenses against cyberthreats linked to advanced artificial intelligence. In a joint statement on Thursday, the Reserve Bank of New Zealand and the Financial Markets Authority highlighted the growing risks associated with frontier AI technologies, emphasizing the need for robust governance and cybersecurity measures.
The regulators identified key concerns, including increased cyberthreats, governance challenges, and rising third-party and concentration risks. They stressed that boards and senior managers must have a clear understanding of where AI is deployed within their organizations and ensure accountability for its use. Effective cybersecurity controls and operational resilience were also cited as critical priorities.
The statement builds on existing regulatory obligations, urging financial institutions to proactively manage the evolving risks posed by AI. The regulators’ warning comes as institutions increasingly integrate AI into their operations, raising the stakes for maintaining secure and resilient systems.