Council Chairman and Governor of the Bank of England, Andrew Bailey, said in a letter to finance ministers and central bank governors in the G20 that artificial intelligence is capable of significantly changing the speed, scale and cost of cyber attacks.
He pointed out that many countries do not yet have sufficient systems to deal with the deployment of advanced artificial intelligence models, warning also of the financial sector’s dependence on a limited number of major technology companies.
Concerns focus in particular on the ability of advanced artificial intelligence systems to discover electronic vulnerabilities at a faster pace, which forces organizations to develop protection, response, and testing systems at the same speed.
Bailey stressed the need to strengthen international coordination to ensure the deployment of artificial intelligence models in a safe and responsible manner, in parallel with developing the ability of financial institutions to confront new electronic risks. (Reuters)
