LONDON - British companies must proactively plan for and mitigate risks posed by emerging artificial intelligence models, according to a joint statement from the UK finance ministry, the Bank of England, and the Financial Conduct Authority.
The regulators warned that the cyber capabilities of current frontier AI models already exceed what skilled practitioners can achieve, operating at significantly higher speed, greater scale, and lower cost. If used maliciously, these models amplify cyber threats to firms' safety, customer integrity, market stability, and the broader financial system.
Last month, BoE Governor Andrew Bailey specifically highlighted cybersecurity risks from Anthropic's Mythos product, which experts say could supercharge complex cyberattacks challenging the banking industry and its legacy technology.