AI Is Making Cyberattacks Cheaper, Faster and More Dangerous, IMF Warns
US Hits Iran-Flagged Oil Tankers While Peace Talks Continue CityAM.com is the online presence of City A.M., London's first free daily business newspaper. Both platforms cover financial and business news as well as sport and… Evermore sophisticated AI-powered cyberattacks could threaten the stability of the global financial system, The International Monetary Fund (IMF) has warned, as regulators race to contain a new generation of threats.
In their new report, the IMF said extreme cyber incidents could spark liquidity pressures and solvency concerns across banks and financial institutions.
The lender warned that AI was dramatically lowering the cost and time needed for hackers to identify and exploit vulnerabilities, increasing the risk of systemic financial shocks.
“Extreme cyber-incident losses could trigger funding strains, raise solvency concerns, and disrupt broader markets,” the IMF said.
The warning comes amid growing concern over powerful new AI systems capable of autonomously identifying software weaknesses and launching complex cyberattacks.
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Last month, AI firmAnthropicalarmed governments and regulators after early testing of its forthcoming Mythos model reportedly showed it could uncover vulnerabilities across major software systems with unprecedented speed.
Those so-called zero-day vulnerabilities are considered among the most dangerous forms of cyber risk because developers are often unaware they exist until attackers exploit them.
The White House this week confirmed US authorities were carrying out extensive testing on frontier AI systems before public release, amid fears the technology could be weaponised against businesses or government systems.
The IMF warned the global financial system’s increasing reliance on shared cloud infrastructure and payment networks was creating concentrated points of vulnerability.
“The reliance on a small number of platforms and cloud providers could increase the impact of any single exploited weakness,” thereportsaid.
Emerging markets and developing economies could prove particularly vulnerable because of weaker cyber defences and more limited resources, the IMF added.
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