Bank of England warns banks to guard against AI cyber risks
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On October 16, 2026, Sarah Breeden, Deputy Governor of the Bank of England, said that advances in artificial intelligence have made it a systemic risk to the global financial system, and banks cannot assume that cyberattackers are unable to breach existing defenses. The Bank of England is investigating banks’ preparedness for the encryption risks posed by quantum computing and plans to develop a systemic response framework covering the financial sector based on the findings. Breeden also emphasized that banks should prepare bare-metal recovery plans independent of their main systems for core services and migrate to post-quantum cryptographic methods as early as possible.
AI-written from reports · updated 3 days ago
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- PYMNTSBank of England warns banks to be alert to AI cybersecurity risks
Bank of England Deputy Governor Sarah Breeden said advances in AI have made it a systemic risk to the global financial system, and banks cannot assume that cyberattackers are unable to breach their defenses. The Bank of England is investigating banks’ preparedness for the encryption risks posed by quantum computing and plans to use the findings to develop a systemic response plan covering the financial sector. Breeden also stressed that banks need to prepare bare-metal recovery solutions independent of their core systems for critical services, and migrate to post-quantum cryptography methods as early as possible.
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