GoKawiilBoE's Bailey Tells G20 Frontier AI Poses Top Cyber Risk to Finance
Bank of England Governor Andrew Bailey, writing as chair of the Financial Stability Board, told G20 finance officials that cutting-edge AI models could sharply increase the speed, scale and affordability of cyberattacks on the financial system. He warned that many countries still lack rules to govern how these advanced models are developed, released and deployed, leaving the sector exposed. Bailey urged banks and tech providers to bolster defenses and prepare for scenarios where multiple firms are hit simultaneously through shared technology dependencies.