AI-driven cyber risk is top concern for global financial stability, watchdog says

LONDON, Aug 31 : Financial Stability Board Chair Andrew Bailey said on Monday that the impact of AI on cyber risk was the most immediate concern for the global financial system, saying the technology could change the speed, scale and economics of an attack.The FSB is a global watchdog that seeks to identify and manage risks in financial systems.In a letter to G20 finance ministers and central bank governors ahead of meetings this week, Bailey, who also serves as the Bank of England governor, said many countries do not have systems in place to manage the deployment of advanced artificial intelligence models.The financial sector's dependence on a handful of powerful tech providers could undermine system-wide market confidence, he added. The comments highlighted concerns among regulators that