What happened
IMF Managing Director Kristalina Georgieva and Bank of England Governor Andrew Bailey warn of increasing cyber attack and AI-driven fraud risks, urging proactive measures to address vulnerabilities in the financial system.
Named in this item
STATUS
NAME
ISO
PROGRAM
IDENTIFIER
Kristalina Georgieva
Person, regulator BG — —
Person, regulator BG — —
Andrew Bailey
Person, regulator GB — —
Person, regulator GB — —
IMF
Organization, regulator US — —
Organization, regulator US — —
Bank of England
Organization, regulator GB — —
Organization, regulator GB — —
What compliance teams should check
- Assess cyber attack and AI fraud risks in current controls
- Review incident response plans for cyber threats
- Monitor regulatory guidance from IMF and Bank of England
FOR COMPLIANCE TEAMS
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Rolling coverage of the latest economic and financial news Global financial system is failing developing countries, says Ed Miliband Bank of England governor Andrew Bailey and IMF managing director Kristalina Georgieva have issued a stark warning about the growing risks of cyber attacks and AI fraud. Georgieva cited her childhood growing up in Eastern Europe, when wary citizens didn’t trust the system, so kept their money in a shoebox under the bed. “What I worry, today, is that unless we figure out how to get ahead of this curve, given the speed, the scale and the cost of fraud going up, we may end up with lots of people with shoeboxes under their beds.” “I’m going to use a sports metaphor for a moment. I think this technology, you know, is arming the offence, but it can also arm the defence as well.” “We’ve moved into quite an extreme position of, well, these platforms are open to everybody and there’s no real liability to the provision of the platform to what’s on it. Guess what? Everything’s on it. you know, the good, the bad and the incredibly ugly and and downright criminal and terrible.” “I don’t go around pointing the finger at people and saying, ‘you are bad’. What I have said is, look, there is responsibility all around. And we need to evolve to a world where everybody understands this responsibility, and everybody is then a part of addressing the problem, because we this cannot be done by by finance alone, given the media that are being used now. Continue reading...The Guardian, 14 Oct 2026, 06:33 UTC, theguardian.com