Bank of England head warns AI threatens financial stability — cites investment concentration and AI model security…
- Bailey warns that AI models are getting better at exploiting vulnerabilities
- Concentrated and intertwined investments could lead to a correction
- Not all countries and entities are as well equipped as each other
Bank of England Governor Andrew Bailey has warned that frontier models are becoming a bigger risk to financial stability.
In a letter to G20 finance ministers and central bank governors ahead of a major meeting, Bailey warned that the increasing sophistication of AI models could be changing the speed, scale and impacts that cyberattacks could be having on the sector.
Bailey is especially worried about the interconnected nature of global finances together with AI systems that are quicker at discovering vulnerabilities, faster at exploiting them and more accessible to criminals.
Bank of England warns of AI's impacts on global economy
"The global financial system is highly interconnected, and cyber disruption can spread across jurisdictions through common technology providers,...
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