On Apr. 30, Basel unveiled Project Raven using AI to assess security.
Basel announced launch of Project Raven by its Innovation Hub Nordic Center.
It aims to create a new solution to help authorities comprehensively assess cyber security and resilience maturity readiness of their countries' financial systems.
Background
Current financial center ecosystems are complex and interconnected across borders.
Cyber threats against them and their critical 3rd-party suppliers represent a serious and constantly evolving threat to soundness, stability of institutions and systems.
Project Raven
As part of responsibility to safeguard financial stability, central banks have crucial role in overseeing cyber security/operational resilience frameworks of financial institutions and financial market infrastructures, and must also assess their own practices.
As threats continue to grow and evolve, they increase demand for timely data and require regular exchange of information, best practices, public-private collaboration.
Essential to give holistic view of cyber maturity and ensure readiness for incidents.
With Project Raven's solution, central banks/regulatory authorities will be able to use AI to enable fast, easy access to range of complex information, standards, guidelines.
Collect and analyze cyber security and resilience data to get holistic view of maturity and readiness of the financial sector and identify areas of action and trends over time.
Enable efficiency via intelligent completion of reporting requirements and data reuse.
