A new Bank of England survey reveals growing concerns among financial services firms about the cyber risks posed by frontier AI technologies. The survey found that 88% of respondents expect AI’s cyber capabilities to significantly impact their risk profiles within the next two years.
Additionally, 75% of the firms surveyed plan to adopt AI-enabled defensive tools in their security operations over the same period. This indicates a shift toward leveraging AI not just as a threat but also as a solution to enhance cyber resilience.
The survey highlighted vulnerability management and patching cadence as the top cyber resilience priority, with 64% of respondents identifying it as a key area of focus. This suggests that financial institutions are increasingly aware of the need to strengthen their defenses against evolving cyber threats.