The AI ​​craze is a double-edged sword for our banking giants

Few companies outside of the technology sector are as enthusiastic about adopting artificial intelligence (AI) as major banks.

Financial institutions have enough money to afford large technology expenditures, their bosses are constantly trying to increase productivity (including through automation), and they compete to maximize profits.

As Australia’s major banks release results this week and next, following ANZ on Friday, executives are likely to tout how they are using AI to improve their operations.

However, that excitement has recently been drowned out by growing concerns from financial regulators concerned about the growing cybersecurity threats posed by AI – an issue that has gained significant traction with a brand new AI model that could be used to accelerate cyberattacks.