JPMorgan-Backed Group Expands to Address AI Risks Amid Growing Fears

JPMorgan Chase CEO Jamie Dimon is leading an initiative to expand an industry group focused on mitigating the risks of artificial intelligence (AI). The Alliance for Critical Infrastructure (ACI), founded by JPMC, aims to foster cross-sector collaboration on AI risks and feed this back to policymakers. The expanded group will bring together companies from various sectors, including finance, utilities, and telecoms.

The ACI was originally formed to identify systemic risks to critical national infrastructure and improve resilience and crisis planning. Dimon has been vocal about the potential risks of AI, warning that it could cut jobs in the financial sector. He likened the risks associated with AI model Claude Mythos to 'giving ballistic missiles to individuals.'

The initiative comes as regulators and key financial services organisations express concerns about the potential impacts of AI on the sector. The European Central Bank has ordered euro zone banks to prepare AI defence plans, while cyber agencies have warned that advanced AI cyber attacks are months away.