Bank of England warns AI may weaken markets
The Governor of the Bank of England, Andrew Bailey, warned that the rapid development of advanced artificial intelligence models could lead to a sharp and disorderly correction in the global financial markets, along with increasing cyber risks associated with them that threaten financial stability. He pointed out that leading-level models demonstrate high levels of independence and problem-solving ability, which could enhance security threats and undermine confidence in the markets, especially with the growing reliance on a limited number of technology providers. He called for strengthening the regulatory readiness of financial institutions to face these risks, emphasizing the need to develop capabilities in managing security gaps and addressing incidents, amidst concerns that many countries are not adequately prepared to meet the challenges of developing and managing advanced AI models.
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