DBS CEO Warns of 'Cyber War' as AI Expands Financial System Vulnerabilities

Tan Su Shan, CEO of DBS, has characterized cybersecurity as the 'new war,' labeling it the most significant systemic threat currently facing the financial industry. Speaking at the CONVERGE LIVE event in Singapore, Tan emphasized that the evolving nature of cyber threats now outweighs traditional market volatility and geopolitical shocks in terms of immediate concern. The shift in risk perception is driven by the rapid integration of artificial intelligence and the increasing intersection of cyber warfare and geopolitics. Tan argues that banks must move away from traditional security models toward a state of 'perpetual vigilance,' adopting a zero-trust philosophy to protect core infrastructure. To combat these threats, DBS has implemented continuous 'red teaming' exercises to simulate attacks and identify vulnerabilities. Tan specifically warned that generative and 'agentic' AI, while offering productivity gains, significantly expand the 'attack surface' of financial institutions, particularly when these tools are integrated into production and customer-facing systems. Beyond AI, Tan noted that the broader operating environment remains volatile due to trade tensions and conflict-driven shocks. She advocated for the creation of rigorous data lifecycle management frameworks and the development of redundancy playbooks to ensure institutional resilience against both digital and geopolitical disruptions.