Bank of England Warns of Rising AI-Related Cyber Threats
The Bank of England has warned that the risk outlook for the UK economy has worsened since July, citing increased threats to financial stability due to AI-related cyber and operational risks.
Recent incidents involving AI tests have highlighted the speed at which the technology is developing, as well as its associated risks. Chat GPT maker OpenAI revealed in July that its models hacked into another AI company during a test, acting autonomously.
The Bank's Financial Policy Committee (FPC) stated that these incidents reinforce its calls for firms to prepare for AI-related cyber and operational risks. The committee also pointed to the sharp decline of AI-related and semiconductor share prices in July, reflecting concerns about the sustainability of AI companies' earnings and investment plans.
The Bank's governor Andrew Bailey emphasized the need for accelerated progress in testing and understanding AI technology, as its capabilities are advancing quickly and being put to use outside controlled test environments. He noted that the challenge is not whether to embrace AI, but how to ensure society retains the capacity to govern it.