Leaders of other countries

Andrew Bailey

Governor of the Bank of England

3 records

Portrait source: Office of U.S. Ambassador to U.K., Public domain

Records

Let me turn to another aspect of AI, namely frontier AI and the risk it poses to the security of IT systems and the potential for cyber attacks. Suffice to say, it appears to have moved on very rapidly, and represents a major threat to the security of systems and thus in our world to financial stability.

Andrew Bailey

Governor of the Bank of England

In a 2026 speech, Andrew Bailey said frontier AI poses a major threat to computer-system security and financial stability.

Governor, Bank of EnglandPublished July 14, 2026 · date of remarks not establishedBank of England

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My general argument is that we should tackle them pro-actively and positively, and not get stuck in a negative debate on regulation. Let me turn to another aspect of AI, namely frontier AI and the risk it poses to the security of IT systems and the potential for cyber attacks. Suffice to say, it appears to have moved on very rapidly, and represents a major threat to the security of systems and thus in our world to financial stability. To cut the story short, the ability of cutting-edge models to find, and potentially to exploit, vulnerabilities in systems poses some very important public policy and regulatory challenges, as well as challenges for all of us in relation

What this quote does not say

In the same speech, Bailey also said AI was likely to raise economic growth and argued for the safe, productive use of AI.

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First, we need much stronger co-ordination of testing of frontier models before they go into wide circulation. This needs to be co-ordinated internationally because no country can seal itself off from the cross-border nature of systems that are prevalent today.

Andrew Bailey

Governor of the Bank of England

In a 2026 speech, Andrew Bailey called for countries to coordinate more testing of frontier AI models before wide release.

Governor, Bank of EnglandPublished July 14, 2026 · date of remarks not establishedBank of England

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Here there are two big challenges relevant to the world of financial stability. First, we need much stronger co-ordination of testing of frontier models before they go into wide circulation. This needs to be co-ordinated internationally because no country can seal itself off from the cross-border nature of systems that are prevalent today. Such co-ordinated testing needs to start at the level of public authorities. Here, the UK is in a strong position because the AI Security Institute is world leading.

What this quote does not say

Bailey framed the proposal as a response to cybersecurity and financial-stability threats, while also saying AI was likely to raise economic growth.

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The issues of AI and cyber-attack are rightly being scrutinised, but readers can be assured that the Bank and the UK authorities are focused on them and taking action.

Andrew Bailey

Governor of the Bank of England

In a 2026 letter, Andrew Bailey said the Bank of England and UK authorities were focused on AI-enabled cyberattacks and taking action.

Governor, Bank of EnglandPublished July 23, 2026 · date of remarks not establishedBank of England

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… the AI Security Institute and the NCSC, and the Bank is, as you would expect, working at speed with these organisations and our international partners to help strengthen the cyber resilience of the banks and firms we supervise. The issues of AI and cyber-attack are rightly being scrutinised, but readers can be assured that the Bank and the UK authorities are focused on them and taking action. In view of the strong public interest in this matter, and in the interests of transparency and accountability, I am publishing this letter.

What this quote does not say

Bailey rejected the article's assertion that the Bank's cyber defences were unsophisticated, while saying frontier AI posed wider cyber risks to the financial sector and its customers.

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