Andrew Bailey steers push for Anthropic to meet global watchdog over Mythos
The global financial watchdog is set to discuss the capabilities of the Mythos tool with Anthropic following a push from Bank of England governor Andrew Bailey.
The Financial Stability Board, which brings together finance bigwigs from across the G20 nations, will be briefed on the vulnerabilities in the global financial system identified by Mythos.
It comes as members of the FSB slam the alarm on the risks posed by the latest AI developments and the weakness they could expose in lenders’ cyber infrastructure.
Anthropic said in April that Mythos had “found thousands of high-severity vulnerabilities, including some in every major operating system and web browser”.
It warned the “fallout – for economies, public safety and national security – could be severe.”
The briefing session, as reported by the Financial Times, comes as the FSB gears up to release its “sound practices” report for adopting AI in the financial system. It is set to be published for consultation next month.
UK not ‘prepared for a major AI-related incident’
Thus far, few organisations have been able to get their hands on Mythos, mainly due to concerns about the risks that could manifest if wrongly used.
Those with access include Amazon, Microsoft and JPMorgan. But Anthropic, at the White House’s request, has agreed not to distribute it further.
US regulators summoned top Wall Street bosses to an urgent meeting last month over fears the tool could turbocharge a haunting new wave of cyber attacks.
Meanwhile, in the UK, a group of influential MPs sat on the Treasury Select Committee has taken aim at the institutions for “not doing enough to manage the risks presented by AI,” despite claims from regulators that the current rulebook was sufficient.
Chair of the Treasury Select Committee Dame Meg Hillier previously wrote in Morning Wire: “I do not feel confident that our financial system is prepared for a major AI-related incident.
“This needs to be addressed,” she added.