Global Financial Watchdog to Share Insights on Anthropic’s Mythos
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Article content(Bloomberg) — The Financial Stability Board is gathering information from members about potential risks posed by Anthropic’s Mythos model as it look to share such insights more broadly among its network of regulators and central bankers to help them judge the risks of autonomous cyber attacks. Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentBank of Canada Governor Tiff Macklem, who heads the FSB’s key committee for monitoring risks, said officials have “work to do” as they assess the severity of the risks posed by the artificial intelligence model relative to other budding dangers like private credit and the global energy crisis. Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentThe topic has featured heavily in conversations at this week’s International Monetary Fund and World Bank meetings. It was discussed at a meeting of FSB representatives on Wednesday amid concerns that financial systems beyond the US are disadvantaged because they have little access to the model created by San Francisco-based Anthropic. Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article content“The FSB is going to share the information that’s available so that everybody is working with the right information,” Macklem said, adding that the issue was still “developing.”Article content“New AI capabilities increase the speed at which vulnerabilities could be found and exploited,” said Macklem. “That puts a real premium on having a really mature effective cyber program. There is no immediate cyber attack, there is no immediate crisis, but AI is changing the landscape and we got to get on top of that.” Article contentThe FSB is also closely monitoring risks from private credit and leveraged bets on sovereign bond markets. Article content“Private credit is not suitable for everybody,” Macklem added, pointing to the potential need for additional “guardrails” to ensure retail investors properly understand constraints on accessing their cash. Article contentArticle contentMacklem said an upcoming FSB report on private credit vulnerabilities would be an “important step” though it will not be a magic bullet for dealing with a sector that officials judge too small to imperil financial stability, despite rising threats flagged by Bank of England Governor and FSB chair Andrew Bailey this week. Article content“I think it’s a bit early to start to start to get super prescriptive about solutions,” Macklem said. “It’s not going to answer all the questions.”Article contentThe FSB prioritized leveraged bets on sovereign bond markets in its first targeted attempt to deliver better data on the non-banking world, and has promised an update on that work by the middle of the year.Article contentTrending Brace for gas price 'shock' in inflation numbers out Monday, say economists Economy Canadian quantum company Xanadu soars to $16 billion valuation after Nvidia release Innovation How much money should Gerry, in his 70s, have in equities, bonds and cash?
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Personal Finance Posthaste: What Mark Carney's gas tax cut could mean for the Bank of Canada News A rise in mortgage rates may ‘pull the rug' out from under the spring housing market, says CREA Mortgages