The chief executive of DBS Bank, Southeast Asia’s largest lender, has warned that cyberattacks have become the most serious threat facing global financial institutions, describing them as a “new war” that keeps her awake at night.
DBS CEO Tan Su Shan said that while markets and geopolitical risks remain important concerns, cybersecurity has now emerged as the most unpredictable and persistent danger in the banking sector.
“Cyber security. I think the new war is cyber,” Tan said during an interview with CNBC at the CONVERGE LIVE event in Singapore. “It’s who’s going to attack who, how it’s going to happen, and how people will get affected.”
Constant Threat and “Deliberate Paranoia”
Tan said banks must operate under the assumption that cyber threats are constant, evolving, and increasingly sophisticated.
She described DBS’s internal security philosophy as “assume nothing, trust nothing, trust nobody,” reflecting a heightened level of vigilance across its systems.
The bank regularly conducts “red teaming” exercises, in which internal teams simulate cyberattacks to identify vulnerabilities before real attackers can exploit them.
AI Adds New Risks
The rise of artificial intelligence has further complicated the cybersecurity landscape.
Tan warned that generative and agentic AI technologies, while offering efficiency and innovation, also expand potential attack surfaces within financial systems.
“When it touches production, make sure you’ve got all the relevant guardrails,” she said, stressing the need for strict safeguards around AI systems that interact with core banking infrastructure.
She added that while AI brings “fantastic opportunities,” it also introduces “fantastic challenges” and new risks for data security and system integrity.
Focus on Data Protection and Resilience
DBS has implemented strict data governance frameworks, focusing on full lifecycle management — from data creation to deletion — with strong controls on access, monitoring, and auditability.
Tan emphasized that resilience is now a core requirement for financial institutions, not just in cybersecurity but across global operations.
“Prepare for the worst, hope for the best, but have that playbook ready,” she said.
Broader Industry Concerns
Her comments come as banks worldwide face increasing pressure from cyber threats, geopolitical instability, supply chain disruptions, and economic uncertainty.
Experts say financial institutions are now required to build stronger redundancy systems and more adaptive security strategies as digital threats become more advanced and frequent.
