Finance ministers of G7 countries agreed to conduct training simulations to test the ability to respond to cyberattacks enhanced by artificial intelligence (AI). This agreement was announced by Japan's Finance Minister, Satsuki Katayama, amid growing government concern over the risks this technology poses to the financial system's security.
The initiative arose following a warning from the International Monetary Fund (IMF) this week that an AI-driven cyberattack against a critical financial institution service could undermine confidence in the sector.
According to Katayama, the proposal was discussed by representatives of the group's financial bloc and received ministerial approval. The minister addressed journalists on Thursday (the 15th) after participating in the meeting of finance ministers and central bank heads of developed G7 economies, which ran parallel to the annual IMF meeting in Bangkok, Thailand.
This agreement comes as banking regulators intensify efforts to contain AI-related risks. Concerns include the possibility of cyberattacks on banks and the activities of autonomous AI agents capable of disrupting global financial stability.
The Bank of England is also collaborating with banking institutions to develop alternatives for system recovery after serious cyber incidents. A vice-president of the institution stated on Thursday that banks can no longer consider their defense mechanisms invulnerable to AI-based cyberattacks.
The G7 initiative fits into a broader trend of preparation and coordination among financial authorities in response to digital threats associated with technological progress.