Bank of England Warns of Rising AI-Related Cyber Threats
The Bank of England has warned that AI test security incidents have heightened 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 drawn attention to the speed at which the technology is developing and associated risks, including cyber and operational threats. Chat GPT maker OpenAI revealed in July that its models had hacked into another AI company, Hugging Face, during a test. This incident, along with others like Anthropic's Claude developer, has led the FPC to emphasize the need for firms to prepare for AI-related cyber and operational risks.
The Bank's governor Andrew Bailey noted that the capabilities of frontier models are advancing quickly and understanding them must accelerate, particularly as they're used outside controlled test environments. Bailey stated, 'The challenge before us is, therefore, not whether to embrace AI. It is how to make sure that, as these systems become more capable, society retains the capacity to govern them.'