UK businesses should take steps to mitigate risks from new and emerging artificial intelligence models, according to a joint statement from the Bank of England, HM Treasury and the Financial Conduct Authority.

In an overview of what new AI could mean for firms, the statement said: “The cyber capabilities of current frontier AI models are already exceeding what a skilled practitioner could achieve, and at a significantly higher speed, greater scale, and lower cost. These capabilities, if used maliciously, amplify cyber threats to firms’ safety and soundness, customers, market integrity, and financial stability.

“As more advanced models become available, these risks are expected to increase. Firms that have underinvested in core cyber security fundamentals are likely to become progressively more exposed.”

The statement goes on to advise that it is essential for firms to have effective protective, detective, threat containment and cyber response capabilities, including to address faster and more disruptive frontier AI-driven attacks.

It sets out key areas in which businesses should be taking active measures, including: governance and strategy; identification and risk management of vulnerabilities; managing risks from third parties; protection of networks and data; and response and recovery processes.

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