AI-driven cyber risk is top concern for global financial stability, watchdog says
Bailey said frontier AI could speed and scale cyberattacks, while stretched valuations and sovereign debt fragilities could amplify a global market correction.
- Andrew Bailey warned G20 finance ministers in North Carolina, USA, that a "future market correction" could spread globally if the artificial intelligence bubble bursts, threatening international stability.
- Writing as chairman of the Financial Stability Board, Bailey warned of "volatility" caused by energy shocks from the US-Iran war, noting markets remain vulnerable to disorderly correction due to sovereign debt fragilities.
- Bailey noted that leverage interacting with high valuations and market concentration, particularly increasing cross-investment between artificial intelligence companies and hyper scalers, could amplify a future market correction by triggering multiple vulnerabilities.
- Chancellor John Healey announced a £100 million fund aimed at backing British artificial intelligence start-ups, part of the Government's efforts to grow the country's "Sovereign AI" capacity and reduce foreign dependence.
- Healey stated the competition will help ensure benefits are felt in every UK postcode, aiming to harness technology to drive jobs, improve NHS public services, and deliver growth that is UK-wide.
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Advanced AI threatens the world’s financial system, watchdog says
By Anna Cooban, CNN London (CNN) — The head of the world’s financial stability watchdog warned on Monday of the serious risk posed by advanced AI models to the global financial system. In a letter to finance ministers and central bank governors for G20 countries, Andrew Bailey, chair of the Financial Stability Board, said the
(London=Yonhap News) Correspondent Kim Ji-yeon = Andrew Bailey, Governor of the Bank of England (BOE), the UK's central bank, [addressed] the artificial intelligence (AI) boom and the increase in leveraged investment...
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AI Cyber Risks Emerge as Top Concern for Global Financial Stability, FSB Chair Says
The growing use of artificial intelligence poses an immediate and potentially significant cybersecurity threat to the global financial system, Financial Stability Board Chair Andrew Bailey ... The post AI Cyber Risks Emerge as Top Concern for Global Financial Stability, FSB Chair Says first appeared on [your]NEWS.
The head of the Financial Stability Board warns banks that they are vulnerable to hacking by artificial intelligence. The post Artificial intelligence is now “the biggest threat to financial stability” appeared first on in.gr.
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