Financial Stability Board Chair Warns G20 of AI's Immediate Threat to Global Financial System Through Cyber Risks

Andrew Bailey, Chair of the Financial Stability Board (FSB) and Governor of the Bank of England, has warned G20 finance ministers and central bank governors that AI's impact on cyber risk is the most immediate concern for global financial stability. He stated that AI could alter the speed, scale, and economics of cyberattacks, and many countries lack systems to manage advanced AI model deployment. The financial sector's reliance on a few powerful tech providers could also undermine market confidence.