Survey shows more banks preparing for cyber attacks with AI rise

A recent survey conducted by KPMG LLP found that many banks are increasing their cybersecurity budgets and developing strategies in response to the rise in the use of artificial intelligence (AI).

The survey findings show that 76% of banking executives reported an increase in cybersecurity attacks on their banks over the past year; 92% of banking leaders are increasing their budgets to address cyber risk; and 84% are specifically increasing cybersecurity investment to address risks introduced by AI.

The top emerging threats for banks include AI-introduced code vulnerabilities (63%), deepfakes (62%), AI bots (57%), and securing agentic technologies (50%). To ensure data security, privacy, and compliance in the GenAI era, banks are conducting regular audits (80%), implementing robust security measures (79%), and collaborating with external experts (59%).