Bank of England Governor Andrew Bailey has warned that rapidly improving artificial intelligence models could sharply increase cyber threats to the global financial system, allowing attackers to find and exploit vulnerabilities faster and on a much larger scale.
Bailey issued the warning in his role as chair of the Financial Stability Board, which coordinates financial regulation among major economies. In a letter to G20 finance ministers and central bank governors, he described the effect of frontier AI on cyber risk as the financial system's most immediate AI-related concern.
