UK Firms Should Take Steps to Limit Risks From Frontier AI Models, UK Says

British companies should take steps to plan for and mitigate risks from new artificial intelligence models, the country’s finance ministry, the Bank of England and the Financial Conduct Authority regulator said on Friday.

“The cyber capabilities of current frontier AI models are already exceeding what a skilled practitioner could achieve, and at a significantly higher speed, greater scale, and lower cost,” they said in a joint statement.

“These capabilities, if used maliciously, amplify cyber threats to firms’ safety and soundness, customers, market integrity, and financial stability.”

Last month BoE governor Andrew Bailey said he saw major cybersecurity risks from Anthropic’s Mythos product.

Mythos has drawn warnings from cyber experts about its potential to supercharge complex cyberattacks which could challenge the banking industry and its existing technology.

(Reporting by Muvija M; writing by Suban Abdulla; editing by William Schomberg)