The Group of Seven (G7) finance ministers have agreed to conduct emergency simulation exercises to prepare for potential cyber attacks targeting the financial sector, amid growing concerns about the risks posed by artificial intelligence (AI). The decision was made during a meeting held this week in Bangkok, where officials attending the International Monetary Fund’s annual conference emphasized the increasing threat of AI-empowered cybercrime.

Japan’s finance minister, Satsuki Katayama, confirmed that the G7 finance deputies discussed the implementation of tabletop exercises focused on frontier AI technologies and reached an agreement to proceed with the drills. These exercises are intended to test the readiness of governments and financial institutions in responding to major cyber incidents, while also identifying weaknesses in existing emergency protocols.

Recent reports from South Korea’s president indicate that AI models may have already been exploited in attacks targeting banking systems. Additionally, the United Kingdom’s Financial Conduct Authority highlighted the ability of advanced AI models to detect cybersecurity vulnerabilities at a pace that outstrips companies’ capacity to address them, further underscoring the urgency of coordinated defensive measures.

Eelco Heinen, the finance minister of the Netherlands, emphasized the complexity of the issue, noting that while only a few countries may currently wield advanced AI technologies, the impact of attacks enabled by such tools could be global. He called for enhanced international cooperation to address the shared risks posed by AI’s growing capabilities.

The IMF has identified AI-driven cyber threats as one of the top three risks to global financial stability. The planned exercises may involve commercial banks and will be created by various G7 financial authorities. An official familiar with the discussions described the simulations as analogous to pilots training for disaster response in flight simulators. These exercises will explore scenarios including AI-enhanced cyberattacks and targeting of AI-related infrastructure.

Overall, the G7’s initiative represents a proactive approach to strengthening the resilience of financial systems against emerging cyber threats connected to AI, highlighting the importance of preparation and collaboration among leading economies.