AI-driven cyber attacks are now the top risk to the financial system, the FSB says

Financial Stability Board chair Andrew Bailey warned G20 finance ministers that AI-driven cyber attacks now pose the greatest immediate threat to the global financial system, citing the July OpenAI-to-Hugging Face breach and Anthropic’s Mythos model uncovering thousands of high-severity software vulnerabilities. He also highlighted governance gaps in AI deployment, concentration risk among a few tech providers, and broader market fragilities such as stretched AI asset valuations and rising leverage.