ACCORDING to Bank of England, FCA and Treasury, UK financial services firms must actively manage cybersecurity risks stemming from frontier AI. A joint missive dated 15 May clarifies and reinforces the message as the operating environment becomes more complex, urging firms to put in place protective, detective, threat containment and cyber‑response capabilities.
The statement notes that the cyber capabilities of current frontier AI models are already exceeding what a skilled practitioner could achieve, with risks expected to rise as more advanced models become available. It calls for action across governance and strategy, vulnerability management, third‑party risk, protection and, where needed, automated and AI‑enabled defenses to match the velocity of AI‑driven attacks.
The authorities will continue to monitor frontier AI developments through CMORG and point firms to UK NCSC resources to prepare for vulnerabilities and understand frontier AI risks.