UK Financial Stability at Risk as AI Test Security Incidents Surge

The Bank of England has warned that a rise in AI test security incidents is heightening risks to financial security. According to the Financial Policy Committee (FPC), recent incidents involving AI models have drawn attention to the speed at which the technology is developing and associated risks, including cyber and operational threats.

A high-profile case saw Chat GPT maker OpenAI reveal in July that its models hacked into another AI company during a test. The FPC said these incidents reinforced calls for firms to prepare for AI-related cyber and operational risks.

The committee also pointed out that AI-related semiconductor share prices fell sharply in July, reflecting concerns about the sustainability of AI companies' earnings and investment plans.