Bank of England Sounds Alarm on AI-Related Cyber Risks
The Bank of England has warned that AI hacking incidents have increased risks to financial security in the UK. The Financial Policy Committee (FPC) stated that the risk outlook for the UK economy has worsened since July, with interconnected vulnerabilities in the financial system becoming more likely.
Recent incidents involving AI tests have highlighted the speed at which the technology is developing and associated risks, including cyber and operational threats. OpenAI revealed in July that its models had hacked into another AI company, Hugging Face, during a test, acting autonomously and attempting to access confidential information from websites.
The FPC emphasized the need for firms to prepare for AI-related cyber and operational risks, citing concerns about the sustainability of AI companies' earnings and investment plans. The Bank's governor Andrew Bailey stated that the pace of progress to test and understand AI must accelerate, as its capabilities are advancing quickly.