G7 to hold exercises to counter AI-powered cyberattacks — Channel NewsAsia

Financial leaders of the G7 countries have agreed to conduct tabletop exercises to test preparedness for cyberattacks involving artificial intelligence. The decision was made during a meeting of G7 finance ministers and central bank governors on the sidelines of the annual meetings of the International Monetary Fund in Bangkok, Thailand. Channel NewsAsia reports, citing Japanese Finance Minister Satsuki Katayama.

AI-powered attack scenarios

According to a representative of Japan's Ministry of Finance, the exercises will simulate cyberattack scenarios involving the use of artificial intelligence. Financial authorities of the G7 countries will test how they can respond to such incidents.

The simulation results are expected to demonstrate the effectiveness of existing response protocols. They will also be used to revise guidelines in order to better counter similar attacks. Depending on the scenario, private financial institutions may also be involved in the exercises.

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Risks to financial stability

The agreement came after an IMF warning that an AI-enabled cyberattack on a financial institution's critical service could undermine confidence. Banking regulators in different countries are stepping up efforts to contain risks associated with artificial intelligence.

In particular, according to Reuters, the Bank of England is working with banks on enhanced cyberattack recovery options. The deputy governor of the British central bank said it can no longer be assumed that defence systems are fully protected from AI-powered cyberattacks.