CEO of Southeast Asia’s largest bank names the 'new war' keeping her up at night

Tan Su Shan, the CEO of DBS, Southeast Asia's largest bank, identifies cybersecurity as the foremost concern disrupting her peace of mind. Speaking at the CONVERGE LIVE event in Singapore, she emphasized that the battle against cyber threats has become the new front in modern warfare, overshadowing traditional concerns like market fluctuations and geopolitical tensions. Tan articulated her worries about the ongoing cyber threats that financial institutions face, highlighting the unpredictable nature of potential attacks. She stated, "What keeps me awake at night is cyber. It's who's going to attack who, and how it's going to happen, how people will get affected." This perspective illustrates a significant shift in how banks are assessing risk, recognizing the growing link between cyber risks and geopolitical factors, alongside rapid advancements in artificial intelligence. The DBS CEO noted that the banking sector now finds itself in a landscape where cyber threats are ever-present and continuously evolving. To combat this, she advocates for a culture of vigilance, advising, "Assume nothing, trust nothing, trust nobody." This strategy has led DBS to implement rigorous stress-testing measures, known as "red teaming," which involve simulating cyberattacks to identify and fortify vulnerabilities before real attackers can exploit them. As advancements in AI create opportunities for greater efficiency, Tan cautioned that they also broaden the attack surface, posing new risks particularly when integrated into critical systems. "When it touches production... make sure that you've got all the relevant guardrails," she emphasized, indicating the necessity for stringent controls on AI systems that interface with customer-facing banking operations. The accelerated adoption of AI within financial institutions adds another layer of complexity to cybersecurity challenges. While these technologies can enhance productivity, they also introduce new vulnerabilities due to the interconnectedness and autonomy of systems. Tan described the dual nature of generative and agentic AI as presenting both significant opportunities and considerable risks, especially regarding the protection of sensitive data and essential banking infrastructure. To address these challenges, DBS has established strict protocols for data management, focusing on the entire data lifecycle—from its creation to eventual deletion. Tan highlighted the importance of governance in ensuring that data access, auditability, and transparency are maintained at all times. In addition to cybersecurity, Tan pointed out that the banking environment is increasingly volatile, influenced by factors like supply chain interruptions, trade disputes, and global conflicts. These realities compel organizations to reassess their resilience strategies, encompassing everything from supply chain management to payment infrastructures. "Prepare for the worst, hope for the best, but have that playbook ready," she concluded, underscoring a proactive approach to risk management in the financial sector.