DBS CEO Tan Su Shan identified cyberattacks as the primary risk facing her bank, surpassing concerns about market volatility or geopolitical shocks. Speaking at CNBC's CONVERGE LIVE event in Singapore, Tan described cybersecurity as the 'new war,' emphasizing the constant and evolving nature of cyber threats in the financial sector [1]. She highlighted that banks must operate with a mindset of perpetual vigilance, adopting a philosophy of 'assume nothing, trust nothing, trust nobody' to address these risks [1].
To counteract these threats, DBS has implemented continuous 'red teaming' exercises, which involve simulating cyberattacks to identify vulnerabilities before they can be exploited. Tan described the bank's internal culture as one of 'deliberate paranoia,' aimed at staying ahead of increasingly sophisticated cyber threats, particularly as artificial intelligence (AI) lowers the barrier for attackers [1].
The CEO noted that the rise of generative and 'agentic' AI technologies has introduced both significant opportunities and new challenges. While AI offers productivity gains and operational efficiencies, it also expands the attack surface, especially when integrated into critical banking systems. Tan stressed the importance of implementing robust guardrails for AI systems that interact with customer-facing or core infrastructure [1].
DBS has responded by strengthening its data governance frameworks, focusing on 'data lifecycle management' to ensure proper oversight from data creation to deletion. This includes strict controls over access, auditability, and transparency. Tan also acknowledged that the broader operating environment for banks has become more volatile due to supply chain disruptions, trade tensions, and conflict-driven shocks [1].
CONCLUSION
DBS CEO Tan Su Shan's remarks highlight the growing importance of cybersecurity in the banking sector, especially as AI adoption accelerates. The bank's proactive approach to cyber risk management and data governance reflects the industry's need for heightened vigilance in an increasingly complex threat landscape.