The Financial Stability Board has warned that advanced artificial intelligence could make cyberattacks on the global financial system faster and more widespread, posing a major new risk to stability. In a letter ahead of G20 finance ministers and central bank governors meetings, FSB Chair Andrew Bailey said frontier AI models could materially change the speed, scale, and economics of cyber risk, potentially undermining confidence across the financial system. He noted that the highly interconnected nature of finance means a cyber incident could spread across countries through shared technology providers and cross-border activity. Bailey urged financial institutions and technology providers to strengthen vulnerability management and prepare for scenarios where multiple firms are disrupted simultaneously. He also highlighted other risks, including disorderly corrections in sovereign debt markets, private credit vulnerabilities, and elevated leverage in equity markets.
Crowdstrike Holdings IncFSB warns AI could increase cyberattacks, boosting demand for CrowdStrike's security services.
JPMorgan Chase & CoFSB highlights cyber risks and urges financial institutions to strengthen defenses, potentially increasing regulatory scrutiny and costs for JPMorgan.
