{"id":46766,"date":"2023-08-02T16:39:49","date_gmt":"2023-08-02T20:39:49","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/new-threats-same-rules-for-finance-generative-ai\/"},"modified":"2024-07-19T12:20:31","modified_gmt":"2024-07-19T16:20:31","slug":"new-threats-same-rules-for-finance-generative-ai","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/new-threats-same-rules-for-finance-generative-ai\/","title":{"rendered":"New threats, same rules for finance generative AI"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0226642b4d0]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0226642b4d0'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/data\/\" rel=\"category tag\">\n                    Data\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/technology\/\" rel=\"category tag\">\n                    Technology\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">New threats, same rules for finance generative AI<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a02266430f92'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">August 2, 2023<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a02266432e86'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i><span style=\"font-weight: 400\">This article was written by Benjamin Cooper. It appeared first on the Bloomberg Terminal.<\/span><\/i><\/p>\n<p>The potential for generative artificial intelligence\u2014AI that responds to input by creating something new\u2014to further automate customer service has been embraced by the financial sector. The use of AI in consumer financial customer service \u201cchatbots\u201d is already significant enough that the Consumer Financial Protection Bureau released a\u00a0report\u00a0in June on potential risks to consumers.<\/p>\n<p>With new technology comes new risk. An article in\u00a0MIT Technology Review\u00a0described large language model (LLM) AI chatbots as \u201ca security disaster.\u201d This characterization is sensational, but generative AI does create novel cybersecurity risks and exacerbates existing risks. General counsel and compliance counsel need to be aware that there are new threats requiring modification of existing cyber-risk management strategies.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Insights for Quant and Data Professionals delivered to your inbox<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up for the newsletter<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_1474656698775497321\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/enterprise-data-and-tech\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>The majority of AI risk discussion has been about\u00a0privacy\u00a0and the inadvertent revelation of data, such as the recent FTC\u00a0investigation\u00a0of OpenAI. However, less discussed is what infrastructural cybersecurity risk management for these financial AIs\u2014i.e., making sure that the AI doesn\u2019t provide additional access into a system\u2019s network\u2014requires.<\/p>\n<p>Current regulations impose general security requirements, so responsible counsel must ensure that new risks are included in policy and practice, even before guidance documents or opinion letters issue.<\/p>\n<h2>Prompt injections, data poisoning, and other risks<\/h2>\n<p>The most well-known vulnerability of generative AI is \u201cprompt injection.\u201d Prompt injection refers to any strategy creating input data that causes the generative AI to execute additional instructions beyond the analysis it was doing. Prompt injection is similar to \u201cjailbreaking,\u201d where a hacker tries to reason a chatbot into doing something it would not otherwise do, but prompt injection goes further as the tactic can potentially cause the AI to execute additional malicious code if the input isn\u2019t properly secured.<\/p>\n<p>Researchers at Germany\u2019s Helmholz Center for Information Security\u00a0discovered\u00a0that prompt injection is not only a problem with the user input like a chat window or search bar, but it can also be done indirectly through malicious text or code in documents relied upon by the AI. For a simple example, a user-uploaded document could contain extraneous text invisible to a human reader (such as by being in white text on white background, or in a minuscule font size) but that could be processed by an unsecured AI reading the document.<\/p>\n<p>There\u2019s also the potential for the models themselves to be compromised during creation or during an update by \u201cdata poisoning.\u201d A generative AI needs millions upon millions of documents to create its understanding of text or images or audio. Most current generative AIs are created by scraping the public internet, and may depend even more on completely public sources should current\u00a0lawsuits\u00a0prevent use of copyrighted material. The use of the internet allows potential cybercriminals to indirectly add incorrect data and conclusions to the model by putting up thousands of easily scraped pages with intentionally incorrect material. The AI will then have a skewed version of reality within its \u201cbrain,\u201d leading to incorrect results.<\/p>\n<p>In addition, malicious actors can use generative AI as an effort multiplier; the UK\u2019s National Cyber Security Center, among others,\u00a0warns\u00a0of \u201crisk that criminals might use LLMs to help with cyber attacks beyond their current capabilities.\u201d Any vulnerability that exists is now potentially easier to exploit with generative AI, and the skill level of potential cyber criminals has effectively increased.<\/p>\n<p>A final security issue is that generative AI increases the complexity of the system, and the more system complexity that exists beyond easy human cataloging, the more likely that there\u2019s an unknown risk. Unknown risks can\u2019t be mitigated, but humility about the level of security and vigilance about the possibility of breach will likely go far to providing best efforts.<\/p>\n<h2>Rules say to be secure, but not how<\/h2>\n<p>There isn\u2019t yet specific state or federal guidance on the cybersecurity risks of generative AI. The National Institute of Standards and Technology, the primary issuer of specific cybersecurity bulletins, only recently\u00a0announced\u00a0a public working group on AI risk management. The standards in place are general in scope and not pointed to specific threats.<\/p>\n<p>The Cyber Risk Institute\u2019s\u00a0profile\u00a0for financial sector cyber risk assessment, which helpfully maps its standards to government regulations, including those from the Federal Financial Institutions Examination Council and the New York Department of Financial Securities, is a good example of regulations\u2019 and standards\u2019 generality. A cyber risk management program should be part of daily operations and \u201ctailored to address enterprise-specific risks (both internal and external) and evaluate the organization\u2019s cybersecurity policies, procedures, processes, and controls,\u201d the profile says. Enterprise-specific risks are, therefore, left to the individual enterprise to anticipate and mitigate.<\/p>\n<p>The most specific NYDFS regulation regarding technology is its\u00a0requirement\u00a0for multi-factor authentication, but even then the particular method is left to the institution. And as a 2021 enforcement\u00a0action\u00a0over a mortgage bank employee mindlessly clicking a smartphone authentication pop-up caused by a hacker using phishing-derived credentials shows, employee behavior is just as much regulated as technology.<\/p>\n<p>Due to the lack of specific guidance, counsel in charge of compliance must make sure policy and practice keep up with current with cybersecurity threats.<\/p>\n<p>For example, the Securities and Exchange Commission made identical statements in July 2022\u00a0administrative orders\u00a0against\u00a0TradeStation Securities Inc.\u00a0and\u00a0UBS Financial Services Inc.\u00a0regarding violations of the\u00a0Regulation S-ID\u00a0identity theft protection program. Despite \u201csignificant changes in external cybersecurity risks related to identity theft,[] there were no material changes to the [p]rogram,\u201d the SEC said.<\/p>\n<p>NYDFS cybersecurity rules are explicit about the need for adjustment in the face of risk; they\u00a0require\u00a0a periodic cybersecurity risk assessment, which proposed\u00a0amendments\u00a0to the rule would require annually. Regardless of the nature of the violation, Federal Deposit Insurance Corporation enforcement orders, such as those issued against\u00a0Maxwell State Bank\u00a0this January, require a thorough review of an entire cybersecurity program.<\/p>\n<p>Since most firms will not develop their own AI, but will license them or use them as software as a service (SaaS), the security of the licensor or SaaS contractor is also at issue.<\/p>\n<p>In 2021, the SEC issued an\u00a0order\u00a0against\u00a0Cetera Advisor Networks LLC\u00a0for violating\u00a0Regulation S-P\u2018s Safeguards Rule by failing to have adequate cybersecurity policies for their contractors, leading to a data breach affecting the broker-dealer\u2019s customers. NYDFS cybersecurity requirements\u00a0require\u00a0explicit policies and procedures for third party service providers.<\/p>\n<p>State and federal rules\u2014and their history of enforcement\u2014allow regulators to push knowledge for compliance to the institution. After an incident, it\u2019s easy for regulators to say in hindsight that the institution knew or should have known of the security risk\u2014whether or not the regulators were paying attention to the risk prior to the incident. Counsel for financial institutions should be prepared for regulators to require new security for these new risks.<\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a02266437eb1]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a02266437eb1'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    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Now, let us do that for you.<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_551347724688919784\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/request-demo\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The potential for generative artificial intelligence to further automate customer service has been embraced by the financial 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