Bailey Raises Testing Bar for Frontier AI, Citing Need for International Coordination

Bank of England Governor Andrew Bailey has increased the testing standards for frontier AI systems after a Daily Mail columnist criticized the bank's cyber defenses as 'unsophisticated'.

Bailey responded to the criticism with an open letter, stating that the Bank of England has 'the right investment, expertise and capabilities' to protect itself against AI-driven cyber threats.

The Governor emphasized the importance of stronger international coordination around testing frontier AI models before wider deployment, citing the UK's AI Security Institute and the National Cyber Security Centre as key partners in this effort.

Bailey also highlighted the need for banks to strengthen their detection efforts and responses to cyber threats, patch vulnerabilities faster, and be able to recover quickly when disruptions occur.