The Bank of England, which oversees financial stability in the U.K., said Wednesday that it will make an assessment next year about the risks posed by artificial intelligence and machine learning.
In its half-yearly Financial Stability Review, the bank said it was getting advice about the potential implications stemming from the adoption of AI and machine learning in the financial services sector, which accounts for around 8% of the British economy and has deep-rooted global connections.
The bank's Financial Policy Committee, which identifies and monitors risks, said it and other authorities would seek to ensure that the U.K. financial system is resilient to risks that may arise from widespread use of AI and machine learning.
Over the past year, the potential benefits and threats of the new technologies have grown.
Some observers have raised concerns over AI's as-yet-unknown dangers and have been calling for safeguards to protect people from its existential threats.
There is a global race to figure out how to regulate AI as OpenAI's ChatGPT and other chatbots exploded in popularity, with their ability to create human-like text and images.
Leaders in the 27-nation European Union on Wednesday are trying to agree on world-first AI regulations.
This Cyber News was published on www.securityweek.com. Publication date: Wed, 06 Dec 2023 18:43:05 +0000