G7 countries plan tabletop exercises simulating AI cyberattacks on banks
Japan's finance minister confirmed on Oct 16 that G7 will conduct tabletop exercises simulating AI cyberattacks on banks.
On October 16, Japan's finance minister confirmed that G7 countries have planned tabletop exercises simulating AI cyberattacks on banks. The arrangement comes amid AI significantly enhancing hacker capabilities, with warnings from the Bank of England governor and IMF managing director about novel risks AI poses to the financial system.
The exercises will be conducted under the G7 framework with expected participation from finance ministries, central banks, financial regulators, and major financial infrastructure operators. Simulations will cover AI-driven cyberattack impacts on banking operational continuity, payment clearing systems, and customer data protection.
The G7 action is part of a global regulatory coordination trend alongside the EU AI Office's first formal AI Act probes of OpenAI and Anthropic on October 15 and the US FTC subpoenas of both companies on October 16.