Strong warnings about the risks of AI - Bank of England Governor: It could destabilize the financial system
The Governor of the Bank of England, Andrew Bailey, has warned G20 finance ministers and central bank governors that the rapid development of artificial intelligence could create serious risks to the global financial system.
In a letter to G20 member countries, Bailey, who chairs the Financial Stability Board, points out that the most advanced artificial intelligence models are gaining autonomy and increasingly sophisticated capabilities.
According to him, one of the most immediate concerns is related to cybersecurity. AI could significantly increase the speed and scale of cyberattacks, causing consequences that could spread across borders and simultaneously affect financial institutions in different countries.
Bailey also warns that many states still lack the necessary protocols to manage the development, publication, and use of advanced AI models.
"No country can isolate itself from the cross-border nature of systems," the governor said earlier, underlining the need for international cooperation.
The warnings come at a time when even researchers and engineers at leading artificial intelligence companies have expressed concerns about the pace of technology development and the ability of institutions to control it.
Faced with these risks, Bailey has called on international financial authorities to take steps to ensure the safe and responsible development, publication, and use of artificial intelligence.
The main concern, according to him, is that rapid technological progress does not exceed the ability of institutions to protect financial stability and market confidence.
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