Channel NewsAsia
AsiaPac · 1 hrs ago
Bank of England sees growing risks to financial stability from AI
LONDON, July 7 : The Bank of England said on Tuesday that artificial intelligence poses a growing threat to financial stability, as investors bet heavily it will prove a success while the technology increases banks' vulnerability to cyberattacks.In a half-yearly assessment of risks to Britain's financial system, the central bank said previous risks it had identified from stretched share price valuations, high public debt and risky private credit lending to businesses had not gone away.But since its last report, it highlighted additional dangers from investors - including hedge funds - borrowing to buy shares, AI-related companies borrowing heavily to fund investments and rapid growth in AI's capacity for harm.Despite this, it judged that Britain's banking system remained resilient and set
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