G7 finance ministers agreed to conduct simulation exercises aimed at preparing for cyberattacks enabled by artificial intelligence (AI), Japan’s Finance Minister Katajama Szacuki said after a meeting on the sidelines of the International Monetary Fund (IMF) annual meetings in Bangkok.
Why the move was made
The IMF warned this week that an AI-driven cyberattack on a critical service of a financial institution could seriously undermine confidence in the financial system. Against that backdrop, G7 deputy finance ministers had already discussed simulation exercises focused on advanced AI technologies; ministers have now endorsed those plans at the ministerial level.
Scope and objectives of the exercises
Simulations developed by G7 financial authorities will test how individual countries can respond to AI-led cyberattacks. Based on the outcomes, authorities will assess the effectiveness of current incident-response protocols and, if needed, revise guidance for handling such incidents.
Depending on the nature of specific tests, commercial banks may be involved in the exercises. The overarching aim is to map systemic risks and strengthen recovery capabilities following cyber incidents driven or amplified by AI.
Global supervisory efforts and examples
Financial supervisors worldwide are stepping up measures to address AI-related risks, viewing cyberattacks on banks and systemic threats from autonomous AI agents as growing concerns. The Bank of England, for example, is already working with banks to develop post-attack recovery scenarios; the bank’s deputy governor has noted that defensive systems can no longer be assumed invulnerable to AI-enabled attacks.
Related events
The report also notes that similar topics will be discussed at the Portfolio Banking Technology conference on November 10, a forum that will cover agentic AI, fintech competition, and digital banking.
Source and notes
The information summarized here is based on Reuters reporting. An AI assistant contributed to preparing this article; the final content was edited and verified by a journalist.
Tags: cybersecurity, artificial intelligence, banking sector, IMF, Bank of England, financial stability, G7, simulations
