Finance leaders from the Group of Seven (G7) advanced economies have agreed to conduct cybersecurity exercises to prepare for potential attacks powered by artificial intelligence, as concerns mount over the risks AI poses to the global financial system.
Japanese Finance Minister Satsuki Katayama announced the agreement on Thursday following a meeting of G7 finance ministers and central bank governors held alongside the International Monetary Fund’s annual gathering in Bangkok, Thailand.
The planned exercises will simulate AI-driven cyberattacks to test how effectively financial authorities can respond to emerging threats. Officials will use the findings to assess existing security protocols and update response manuals. Private financial institutions could also participate, depending on the scenarios being tested.
The initiative follows a warning from the International Monetary Fund that an AI-enabled cyberattack targeting a critical service at a financial institution could undermine confidence in the financial system.
Banking regulators are also strengthening their preparations against emerging AI-related threats. The Bank of England is working with financial institutions to develop more robust cyber-recovery measures, amid concerns that advanced AI tools could expose weaknesses in existing defences and increase the risks of disruptive attacks.
The G7 initiative highlights growing efforts among global financial authorities to improve coordination and ensure they can respond effectively as artificial intelligence reshapes the cybersecurity landscape.
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