The Deutsche Bundesbank and the German Research Center for Artificial Intelligence (DFKI) are establishing a collaborative knowledge transfer lab to investigate potential cyber risks to the financial and banking system, using artificial intelligence.
The new TransferLab aims to capture the relationships between the actors of the German financial system and the corresponding cyber network. This is a prerequisite for analyzing the financial stability implications of cyber risks. Benjamin Weigert, Head of the Central Financial Stability Division at the Deutsche Bundesbank, expects substantial benefits from the collaborative project: "As part of the Bundesbank's statutory financial stability mandate, we are required to address the financial stability implications of cyber risks. To do this, we need to analyze the interconnectedness of the German financial system by means of information and communication technologies. Combining the cybermapping concept developed at the Bundesbank with artificial intelligence methods and procedures represents a promising approach to achieving this goal."
Prof. Andreas Dengel, Excecutive Director and Head of the Smart Data and Knowledge Services research area at DFKI in Kaiserslautern, where the cybermapping lab is being set up, said, "With the collaborative transfer lab, we want to develop sustainable solutions for strategically important issues at the Bundesbank." The cooperation between the Bundesbank and DFKI can serve as an example for the whole of Germany of how the key technology of artificial intelligence can also be used sensibly for financial management and supervision in everyday life and for the benefit of society," said Prof. Dengel. The cooperation agreement with the Deutsche Bundesbank will initially run for three years.