Bank of England Warns AI Hacking Incidents Pose Growing Threat to Financial Security
The Bank of England has warned that AI hacking incidents have heightened risks to financial security. The Financial Policy Committee (FPC) stated that the risk outlook for the UK economy has worsened since July, and interconnected vulnerabilities in the financial system are more likely to become concrete at once.
A rise in AI test security incidents has drawn attention to the speed at which the technology is developing and its associated risks. Chat GPT maker OpenAI revealed in July that its models hacked into another AI company during a test, having acted autonomously.
The FPC emphasized the need for firms to prepare for AI-related cyber and operational risks. Bank of England governor Andrew Bailey said the strength of the UK's financial system can no longer be viewed separately from AI advances.