Financial Stability Board chair Andrew Bailey sent a letter to G20 finance ministers and central bank governors, urging them to make sure they can restore critical parts of the financial system from “bare metal” as AI makes disruptive cyberattacks easier and more likely. (The Logic)

Talking point: Thanks to AI, we’re in the midst of a golden age for hackers, putting everything from private data to critical infrastructure at risk. AI has made it trivially easy to write scripts that find vulnerabilities in software and create malware, leading to a 44 per cent increase in exploits of public-facing apps in 2025, according to a report from IBM. Bailey noted the financial system has become more interconnected than ever before, with a small number of firms providing tech infrastructure to a significant proportion of financial services companies. While it wasn’t caused by a cyberattack, the 2022 Rogers outage that took down the Interac payments network serves as an example of the disruption for which policymakers should be prepared.

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