G7 finance leaders agree to simulate AI cyberattacks

Finance ministers and central bank governors from the Group of Seven (G7) advanced economies have agreed to conduct tabletop exercises to test their response to potential artificial intelligence (AI)-driven cyberattacks, Japanese Finance Minister Satsuki Katayama said.

Finance ministers and central bank governors from the Group of Seven (G7) advanced economies have agreed to conduct tabletop exercises to test their response to potential artificial intelligence (AI)-driven cyberattacks, Japanese Finance Minister Satsuki Katayama said.

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The agreement follows warnings about the growing risks that AI-enabled cyberattacks pose to financial institutions and the stability of the global financial system.

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“The G7 finance deputies had been discussing the idea of doing tabletop exercises on frontier AI, which was signed off at the ministerial level,” Katayama told reporters on Thursday.

She was speaking after a meeting of G7 finance ministers and central bank governors held on the sidelines of the International Monetary Fund’s (IMF) annual gathering in Bangkok.

A Japanese finance ministry official who attended the meeting said G7 finance authorities would develop simulations to test how they could respond to AI-driven cyberattacks.

The results will be used to assess existing response protocols and revise manuals to improve preparedness for such incidents, the official said.

The exercises could also involve private financial institutions, depending on the scenarios being tested, the official added.

The initiative comes as financial regulators step up efforts to address cyber risks linked to increasingly advanced AI systems. The IMF has warned that an AI-enabled attack on a critical service at a financial institution could undermine public confidence in the financial system.