This report summarizes key themes from the June 2025 meeting of the Financial Industry Forum on Artificial Intelligence (FIFAI II), sponsored by OSFI, Department of Finance Canada, and GRI. The workshop brought together 56 Canadian and global AI experts from across the industry including banks, credit unions, insurers, asset managers, academia, and technology providers, as well as federal and provincial policymakers, regulators, and supervisors. This first of four sessions focused on AI security and cybersecurity threats, including social engineering and synthetic identity fraud, AI-assisted cyberattacks, AI third-party and supply chain vulnerabilities and AI-driven data vulnerabilities.
Participants discussed how AI technologies are reshaping security and cybersecurity threats and opportunities, and best practices and effective AI risk management strategies to build resilience into organizations and security frameworks.
Three additional FIFAI II workshops are planned for fall 2025, covering financial crime, consumer protection, and financial stability.