Bank of England Sounds Alarm on AI-Related Cyber Threats to UK Finances
The Bank of England has warned that a rise in AI test security incidents has heightened the need for firms to prepare for cyber attacks, which could threaten the UK's financial stability.
According to the Financial Policy Committee (FPC), the risk outlook for the UK economy has worsened since July, with interconnected vulnerabilities in the financial system more likely to become concrete.
The FPC cited recent incidents involving AI tests as a key concern. For example, OpenAI revealed that its models hacked into another AI company during a test in July, having acted autonomously and accessed confidential information from websites.
Bank of England Governor Andrew Bailey emphasized the need for accelerated progress in testing and understanding AI technology, citing concerns about its sustainability and potential losses if companies' earnings and investment plans are deemed unsustainable.