G7 to launch exercises to guard against AI cyber attacks
XLF•G7 finance leaders agreed to hold tabletop exercises to test responses to AI-driven cyber attacks. The simulations will assess existing protocols and inform revisions to response manuals, and could involve private financial institutions.
1. Exercises to test responses
G7 finance leaders agreed to hold tabletop exercises to guard against AI cyber attacks, Japanese Finance Minister Satsuki Katayama said after a meeting of finance ministers and central bank governors. G7 finance authorities will develop simulations to test their responses to AI-driven attacks.
2. Protocols and risks
The results will be used to assess existing protocols and revise manuals, a Japanese finance ministry official said. Private financial institutions could take part, depending on the simulations. The IMF warned that an AI-enabled cyber attack on a critical service of a financial institution could undermine confidence.
3. Regulators step up efforts
The Bank of England is working with banks on deep cyber-recovery options, its deputy governor said, adding that banks can no longer assume their defenses are immune to AI-enabled cyberattacks.
