World leaders must wise up to threat of cyber-attacks or rogue fridges will be least of their worries | Heather Stewart
Global cooperation seems unlikely despite AI increasing the risk of digital fraud and the need to protect the financial system Rogue French fridges were an unlikely talking point for the world’s leading economists, central bankers and finance chiefs meeting in a sultry Bangkok last week – helping to underline the spiralling cost of cyber-attacks. Kristalina Georgieva, the managing director of the…
World leaders gathered in Bangkok to discuss the escalating threat of cyber-attacks, with AI amplifying the risk of digital fraud and compromising the financial system. Kristalina Georgieva, the International Monetary Fund managing director, highlighted the need for global cooperation in combating "bad actors" in the rapidly changing interconnected world, especially with AI amplifying the potential for digital fraud.
The superintelligence of AI is causing concern, with AI agents like Meta's Muse posing risks such as the potential for destabilising bank runs and legal ambiguity regarding responsibility for disastrous financial decisions made by AI agents. The Bank of England governor, Andrew Bailey, emphasized the importance of trust in money, warning that a lack of trust could lead to a societal collapse.
Written by urgent.news from Guardian Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
