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Bank of England Governor Andrew Bailey said frontier AI models could alter the speed, scale, and economics of cyberattacks on financial systems
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Financial Stability Board Chair Andrew Bailey warned G20 finance ministers and central bank governors on Monday that the potential impact of frontier AI on cyber risk is the most immediate threat facing the global financial system.
In a letter published ahead of the G20 meeting in Asheville, North Carolina, Bailey said frontier AI models — the most advanced AI systems — are demonstrating growing autonomy and more capable problem-solving, along with an expanding range of threat capabilities. "Frontier AI may have the ability materially to alter the speed, scale and economics of cyber risk, which could undermine market confidence system-wide, especially due to highly concentrated third-party service providers," Bailey said in a statement.
