Bank of Canada Governor Tiff Macklem has raised concerns over the growing risks posed by advanced artificial intelligence (AI), warning that the financial system must be better prepared to handle potential threats.
Speaking after global meetings in Washington, Macklem flagged Anthropic’s latest AI model, Mythos, as a key concern. He said such powerful systems could identify and exploit weaknesses in financial networks much faster than before.
‘Mythos Has Arrived, We Need To Come To Grips’
“This isn’t a one-off. Mythos has arrived, it’s a lot more powerful than what came before. But something else will come that’s even more powerful than that,” Macklem told reporters. “As a financial system, both within Canada, but internationally, we’re going to need to come to grips with how we’re going to manage
this on an ongoing basis.”
Macklem stressed that regulators and governments need to act quickly to understand and manage these risks. He said both Canadian and global financial systems must “find a way” to deal with the challenges posed by such technologies.
Experts have warned that AI models like Mythos could be misused by cybercriminals to launch more advanced and frequent attacks. This could threaten banks, financial institutions and even global markets if safeguards are not strengthened.
The concerns have prompted discussions among central banks, regulators and financial institutions in several countries. Authorities in Canada, the US and the UK are already reviewing their cybersecurity frameworks in response to the rapid rise of such AI tools.
Macklem’s warning comes at a time when the financial sector is increasingly relying on digital systems, making it more vulnerable to emerging AI-driven risks. He underlined the need for stronger coordination between governments and institutions to ensure financial stability.
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