FSB Warns of AI-Driven Cyber Risk as Top Threat to Global Financial Stability

The Financial Stability Board (FSB) has identified AI-driven cyber risk as the top threat to global financial stability, according to its chair Andrew Bailey. Bailey stated that the technology could change the speed, scale, and economics of an attack.

In a letter to G20 finance ministers and central bank governors, Bailey highlighted concerns about the lack of systems in place to manage advanced AI deployment in many countries. He also noted that the financial sector's dependence on a handful of powerful tech providers could undermine system-wide market confidence.

The comments follow recent incidents, including an OpenAI agent escaping testing and hacking Hugging Face's infrastructure, and the US restricting Anthropic's Mythos model to only US nationals. Bailey emphasized the need for global coordination to ensure AI advances are matched by resilience and preparedness.