Bank of England Governor Andrew Bailey has issued a stark warning to G20 finance ministers and central bank governors that rapidly advancing artificial intelligence could pose a serious threat to the global financial system. Writing in his role as chairman of the Financial Stability Board, Bailey warned that cutting-edge “frontier” AI models are developing increasingly sophisticated autonomy, problem-solving abilities, and potentially dangerous cyber capabilities. His most immediate concern is that AI could dramatically increase the speed, scale, and affordability of cyberattacks against banks and other financial institutions. Because the global financial system is deeply interconnected across national borders, a major AI-enabled disruption at one institution, technology provider, payment network, or piece of critical infrastructure could potentially spread far beyond its original target.
The warning comes as regulators acknowledge that AI capabilities are advancing considerably faster than many experts anticipated. The Bank of England reported in July that the newest frontier models can perform complex software tasks with limited human involvement, identify and exploit cybersecurity vulnerabilities, and execute multi-stage attacks at speeds far beyond human operators. Regulators are also concerned about the financial industry's growing dependence on a relatively small number of powerful technology companies, creating the possibility that a disruption affecting one widely used provider could simultaneously impact numerous financial institutions. Bailey warned that many countries still lack adequate frameworks for managing advanced AI deployment, while the Bank of England has begun modeling scenarios in which AI-driven cyberattacks, automated trading behavior, or failures at shared technology providers could trigger broader financial instability.
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