London —
The head of the world’s financial stability watchdog warned on Monday of the serious risk posed by advanced AI models to the global financial system.
In a letter to finance ministers and central bank governors for G20 countries, Andrew Bailey, chair of the Financial Stability Board, said the potential for such models to conduct cyberattacks represented the “most immediate concern” for a highly interconnected global financial network.
“The risks associated with frontier AI will not respect national borders,” he wrote.
Bailey, who also serves as Bank of England governor, warned about the absence of proper guardrails around the technology, underscored by recent incidents in which frontier AI models being tested went rogue.
