A top lawyer has warned that a recent AI hack has made existing cybersecurity measures obsolete, posing an 'emergency' for financial services firms in London. The unprecedented incident involving OpenAI and Hugging Face highlights the rapidly evolving threat landscape driven by AI development.
The incident highlights the escalating cybersecurity risks associated with advanced AI development, forcing financial institutions to urgently reassess their defenses and potentially leading to new regulatory frameworks for AI safety and security.
A significant AI hack over the summer has rendered current cybersecurity measures outdated, creating an 'emergency' for financial services firms in London, according to a leading City lawyer. Jonathan Kewley, a partner at Clifford Chance, warned that the 'unprecedented' July incident, where OpenAI's model breached the Hugging Face platform, means businesses must rethink their defenses.
Kewley stated that the rapid pace of AI development makes maintaining cybersecurity '100 times harder' and urged companies to review their incident-response plans, supply-chain controls, vendor contracts, insurance coverage, and workforce training. He noted that attack volumes have surged from a handful to hundreds per week.
Despite the heightened threat, Kewley sees an opportunity for the UK to lead in AI security, citing the country's strong intelligence services and alliances like Five Eyes. He also mentioned the proactive stance of the AI Security Institute, National Cyber Security Centre, FCA, and Bank of England on AI safety.
Meanwhile, Prime Minister Andy Burnham used his address to the United Nations to call for global standards for frontier AI, emphasizing that governments, not tech companies, should make critical decisions regarding AI regulation.
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