The Governor of the Bank of England, Andrew Bailey, has joined the group of personalities warning about the global risks posed by cutting-edge artificial intelligence (AI) technology
The Governor of the Bank of England, Andrew Bailey, has joined the group of personalities warning about the global risks posed by cutting-edge artificial intelligence (AI) technology, writes The Guardian . In a two-page letter to finance ministers and central bank governors in his capacity as chairman of the Financial Stability Board (FSB), Bailey said that “state-of-the-art” AI models “demonstrate autonomy and increasingly sophisticated problem-solving capabilities, as well as threat-generating capabilities.” He said these models risk destabilizing the “highly interconnected” global financial system through cyber disruptions that “can spread across jurisdictions.” Bailey wrote to G20 finance ministers and central bank governors ahead of their meeting in North Carolina, US, this week: “Recent developments have also highlighted to me that many jurisdictions lack protocols to manage the development, rollout and deployment of advanced, next-generation AI models,
which increases risks for the financial sector and beyond.”
His letter joins a flurry of AI warnings from leading technologists in recent weeks – and echoes his previous calls for international cooperation to combat the growing threats posed by AI, when he told City bosses: “No country can isolate itself from the cross-border nature of the systems that prevail today.” According to him, AI-enabled cyber attacks could spread rapidly between countries, while the increasing use of artificial intelligence in financial markets could amplify the effects of a potential crisis. In a letter to officials ahead of the G20 meeting in the United States, he drew attention to the evolution of so-called “frontier” AI models, which are acquiring increasingly advanced capabilities for autonomy, problem-solving and carrying out potentially dangerous actions. “Frontier models show increasingly sophisticated capabilities for autonomy and problem-solving, as well as capabilities to generate threats,” Bailey wrote, quoted by The Guardian. One of the main concerns is cybersecurity. The Governor of the Bank of England believes that AI could radically change the speed and scale of cyberattacks, and their effects would not stop at the borders of a single country. “For the financial system, the most immediate concern is the potential impact of frontier AI on cyber risk,” Bailey warned. He added that such technologies could significantly alter “the speed, scale and economics of cyber risk,” which could affect confidence in financial markets across the system.
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