Financial Times: European banking watchdogs ECB and ESRB warn that frontier AI models pose “systemic risks to the financial system”, giving lenders four months to prepare — IT weaknesses could be exploited by frontier models in a ‘matter of minutes or hours’, say ECB and ESRB
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It makes sense that regulators are taking this seriously. AI is becoming increasingly involved in financial services, so having safeguards in place before it becomes more widespread seems like a sensible approach