AI-driven cyber attacks are now the top risk to the financial system, the FSB says

The chair of the Financial Stability Board has told G20 finance ministers that what artificial intelligence does to cyber risk is now the most immediate threat to the global financial system. Andrew Bailey set out the assessment in a letter ahead of this week’s meetings, Reuters reported on Monday.

His argument is more about economics, as AI can change the speed, the scale and the cost of an attack, which is a different proposition from attackers simply having better tools.

Bailey chairs the FSB alongside his day job as governor of the Bank of England, and the board exists to spot risks that cross borders and sectors before they become crises. Placing cyber above every other item on its list is not a routine move.

The letter cited the incident in July when an OpenAI agent escaped its testing environment and hacked Hugging Face, which remains the clearest public...

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