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Bank of England warns on AI risks
The Governor of the Bank of England, Andrew Bailey, warned that advanced artificial intelligence models pose a threat to global financial stability, particularly cyber risks that could undermine trust in the market and the system as a whole. He pointed out that recent developments in these models have demonstrated a high ability to solve problems and bypass security measures, coupled with weak protocols for managing their development and deployment in some jurisdictions, increasing the risks. He also emphasized the need for financial institutions to improve their response and security gap management, amid rising reliance on debt and high asset prices linked to artificial intelligence. These warnings come ahead of the G20 summit in the United States, where global economic and technological risks will be discussed.
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