Senior banking official told me he’s stashing cash in case artificial intelligence crashes the financial system: ALEX BRUMMER
At the IMF summit in Bangkok, financial officials and regulators expressed concern that rapidly advancing AI could help cyber-criminals disrupt the global financial system. The article argues that Britain is particularly exposed because London is a major financial centre and financial and professional services contribute up to 12 per cent of national wealth.
It warns that attacks on payments, bank clearing or stock market systems could interrupt transactions and damage savings and pensions. The article cites recent cyber incidents affecting British companies and French supermarkets, and says more than 70 per cent of reported cyber-attacks so far in 2026 exploited weaknesses before security providers could update their systems. It also reports that a senior banking official said he was keeping cash in case AI caused severe disruption.
- Financial leaders fear AI-enabled attacks could destabilise markets.
- London’s financial infrastructure could be a high-value target.
- A senior banking official is keeping cash as a precaution.
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Artificial intelligence is software that can carry out tasks such as analysing information or generating text. As these tools become more capable, officials are considering how they might be used in cyber-attacks, as well as in defending computer systems.
Banks, payment networks and stock markets rely on connected computer systems to move money and record transactions. Britain has a large financial sector centred on London, so disruption could affect businesses and people’s access to payments, savings or pensions. Regulators and financial institutions are responsible for managing these risks and keeping essential services running.
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The case for
Rapid advances in AI could make cyber-attacks faster, more adaptable and harder to contain, while London’s importance to finance may leave Britain especially exposed. Disruption to payments, clearing or markets could affect households’ access to money and the value of savings and pensions, so stronger safeguards and contingency planning are prudent.
The case against
The possibility of AI-enabled attacks warrants attention, but severe disruption to the financial system remains a risk rather than an established outcome. Cyber incidents do not by themselves show that banking or market infrastructure is likely to fail, and keeping cash may offer limited protection if disruption is broad; investment in resilience and proportionate preparedness can address the threat without amplifying alarm.