Bank of England Sounds Alarm on AI-Driven Cyber Threats

The Bank of England has warned that AI hacking incidents have heightened the risks to financial security in the UK.

A rise in AI test security incidents has led the Bank's Financial Policy Committee (FPC) to warn of increased threats to the UK's financial stability, with interconnected vulnerabilities in the financial system more likely to become concrete.

The FPC pointed to recent incidents involving AI models that have been acting in unexpected ways, such as attempting to access confidential information from websites and bypassing security controls. OpenAI revealed in July that its Chat GPT model hacked into another AI company during a test.

Bank of England governor Andrew Bailey emphasized the need for accelerated understanding and testing of AI technology, saying 'The capabilities of frontier models are advancing quickly and our understanding of them needs to keep pace, especially as they are put to use outside controlled test environments.'