G7 to launch exercises to guard against AI cyber attacks
Finance officials from the G7 have decided to conduct tabletop exercises to prepare for potential AI cyber attacks, according to Japanese Finance Minister Satsuki Katayama. This decision follows the International Monetary Fund's warning that an AI-enabled cyber attack on a financial institution could undermine confidence. The G7 finance deputies had been debating the idea of these exercises, which were approved at the ministerial level during a meeting of finance ministers and central bank governors from the G7 advanced economies in Bangkok, Thailand.
These simulations, developed by G7 finance authorities, will test how they can respond to AI-driven cyber attacks. The results of these exercises will evaluate the effectiveness of current protocols and help revise manuals to better handle such incidents. The G7 finance ministries and central banks may involve private financial institutions in these exercises depending on the nature of the simulations.
Banking regulators worldwide are intensifying their efforts to address the increasing risks associated with AI, with some, like the Bank of England, working with banks on deep cyber-recovery options due to the potential for cyberattacks on banks or rogue agents that could threaten global financial stability.
Written by urgent.news from The Indian Express's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
