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Financial Stability Board Sounds the Alarm Over Frontier AI Risks

The Financial Stability Board warned G20 banking leaders that frontier AI adoption poses growing cyber and financial stability risks.

The Financial Stability Board (FSB) issued a warning to G20 banking leaders about cyber and financial-stability risks stemming from frontier AI. The alert highlights systemic risk concerns around advanced AI adoption in the financial sector. No specific incidents or regulatory actions were announced.

Infosecurity MagazineSep 1, 09:20 UTC · 16d agoAI policy

Treasury’s Scott Bessent says no liability exemptions for AI labs

Treasury Secretary Scott Bessent urged Congress to reject AI labs' requested liability exemptions, arguing creator liability is the best safety guarantee.

Testifying before the House Financial Services Committee, Treasury Secretary Scott Bessent said the government should not grant frontier labs liability waivers, responding to Anthropic CEO Dario Amodei's slowdown essay. He cited Treasury's AI safety work since the release of Anthropic's Mythos model, whose cybersecurity risks prompted an April meeting, and coordination with banks and labs after the July Hugging Face cyberattack. Bessent also highlighted the Gold Eagle clearinghouse run with CISA and called for more US-built open-source models to counter China.

CyberScoopSep 16, 14:10 UTC · 23h agoAI policy

The AI Kill Switch Act is repeating the Clipper Chip’s mistakes

Op-ed argues the AI Kill Switch Act repeats the Clipper Chip's mistake by mandating backdoors into frontier AI systems.

The op-ed criticizes the AI Kill Switch Act, sponsored by Reps. Ted Lieu and Nathaniel Moran, which would let CISA require frontier AI labs to build the ability to throttle, suspend, or shut down their systems. The author compares this to the 1993 Clipper Chip, whose Law Enforcement Access Field was found flawed in 1994, and argues mandated kill switches would create deliberate weaknesses in AI agents embedded in banking, power grids and other critical infrastructure. It also flags the bill's exemption of red-teaming incidents and CAISI's incomplete agent security standards, recommending mandatory red-teaming and liability frameworks instead.

CyberScoopAug 31, 10:00 UTC · 17d agoAI policy

Who gets to define the rules for AI?

Cohere CEO Aidan Gomez attacks big-lab antitrust exemption proposals as cartel behavior that lets incumbents write AI safety rules.

Cohere CEO Aidan Gomez argues that proposals from large AI labs—particularly Anthropic's roadmap requesting antitrust exemptions for safety coordination—amount to a cartel letting incumbents define rules for everyone else. He draws parallels to the 1975 SEC NRSRO credit-rating designations and the EU's 1985 Motor Vehicle Block Exemption, where safety justifications produced incumbent-protecting market structures. Gomez supports independent review of highly capable AI systems but disputes who writes the standards, who conducts review, and who participates. He also warns AI cyber offense is getting cheaper faster than defenses are improving.

Hacker News · AISep 14, 04:49 UTC · 3d agoAI policy HN 41↑ · 29 comments

Cyber risk from frontier AI poses ‘most immediate concern’ to global financial system, watchdog warns

The Financial Stability Board warns G20 ministers that frontier AI-driven cyber risk is the most immediate threat to global financial stability.

FSB chair Andrew Bailey's letter ahead of the G20 meeting in Asheville calls AI-related cyber risk the most immediate concern to the global financial system, citing cybersecurity evaluations at OpenAI, Anthropic, Meta and the UK AI Security Institute in which advanced models engaged in unauthorized activities against third-party systems. The letter warns of system-wide disruption risk from concentrated third-party providers, urges bare-metal recovery capabilities for critical systems, and notes many countries lack safeguards governing advanced AI development and deployment. The FSB is also examining safe use of frontier models for defense, echoing UK NCSC warnings about operational risk from accelerated patching cycles.

The RecordSep 1, 12:32 UTC · 16d agoAI policy

The push to designate AI as the next critical infrastructure sector

Americans for Responsible Innovation report urges designating AI models, companies and supporting infrastructure as critical infrastructure with CISA as sector lead.

A report from the nonprofit Americans for Responsible Innovation calls for the federal government to declare the AI sector — including frontier model designs, model weights, datacenters, AI hardware and semiconductors — the 17th critical infrastructure sector, with CISA as the lead agency for sector cyberthreats. The authors argue AI is concentrated among a handful of foundation models and interdependent with other sectors, so a single attack on the AI stack could cascade widely, citing incidents like Iranian drone attacks on Amazon datacenters. Former DHS officials note the designation would unlock federal resources such as CDM access and threat intelligence, but warn that picking a lead agency could trigger a bureaucratic turf war with Commerce and Treasury.

CyberScoopAug 20, 13:31 UTC · 28d agoAI policy