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"Prepare For More Severe Scenarios": Bank Of England Chief Warns Of AI Threat To Global Financial System
As the world marches towards open-weight, efficient, unrestricted frontier AI models out of China, Western leaders are starting to panic over the lack of guardrails. Most recently, Bank of England Governor Andrew Bailey suggested that the threat posed by AI could lead to a chaotic correction in global financial markets, as frontier models are now showing "increasingly sophisticated autonomy and problem-solving abilities, as well as threat capabilities."
Governor of the Bank of England Andrew Bailey addresses the media during a press conference concerning interest rates, at the Bank of England, in London, Britain, November 2, 2023. HENRY NICHOLLS/Pool via REUTERS
"Financial institutions, financial market infrastructures, and technology providers will therefore need to strengthen vulnerability management, response and recovery capabilities, and prepare for more sev...
Andrew Bailey warns G20 members about risk of cyber-disruption spreading 'across jurisdictions'The Bank of England's governor, Andrew Bailey, has joined the throng of figures warning about the global risks posed by the most advanced artificial intelligence technology.In a two-page letter sent to international finance ministers and central bank governors as part of his role as chair of the international Financial Stability Board (FSB), Bailey said “frontier” AI models were “showing increasingly sophisticated autonomy and problem-solving abilities, as well as threat capabilities”. Continue reading......
Speaking at a gathering of central governors in Jackson Hole, Wyoming, Bailey suggested the Bank could still afford to wait and see before putting up interest rates ....