How do AI and cyber threats affect financial stability? | Money Matters

We all rely on financial services every day. And part of the Bank of England's job is to make sure that those services continue to work so that you always have access to your money. This often involves, quite literally, imagining the worst things that could happen in the economy and making sure we're prepared for them. Sarah Breeden, Deputy Governor for Financial Stability, talks to Jamilla Blake about her role as a 'professional catastrophiser' and the work her area does to make sure that financial services can withstand shocks (such as cyberattacks, recessions or wars) and still meet people's needs. She explains the origins of the 2008 financial crisis, how it led to businesses going bust, greater unemployment, and a loss of faith in the financial system – as well as how the country recovered and the lessons we learned from it. She also goes into detail about the effects of the coronavirus pandemic and how it was the 'biggest stress test of the system' since the 2008 crash. And stick around to see Tom Heath return with his quick-fire quiz round! ℹ️ This video is not financial advice. The views expressed in the podcast are those of the hosts and guests, and not necessarily those of the Bank of England or its committees.