G7 finance leaders agree drills against AI-driven cyber attacks

G7 finance ministers and central bank governors agreed to hold tabletop exercises simulating AI-driven cyber attacks on the financial system, Japanese Finance Minister Satsuki Katayama told reporters after their meeting on the sidelines of the IMF annual gathering in Bangkok, Reuters reported. A Japanese finance ministry official said the results will test existing protocols and be used to revise manuals, and the exercises could include private financial institutions depending on the simulation. The IMF warned this week that an AI-enabled cyber attack on a critical service of a financial institution could undermine confidence.

What it means for business: banks and other financial firms may be asked to join G7 AI cyber drills; review AI-related cyber incident plans now.