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The Bank of Italy reports that advanced AI models are increasingly exploited by cybercriminals to bypass financial system defenses, leading to more frequent and sophisticated cyberattacks on financial intermediaries. This amplifies systemic risks and necessitates stronger cybersecurity measures within Italy's financial sector.[AI generated]
Why's our monitor labelling this an incident or hazard?
The article explicitly mentions AI systems and their potential malicious use to exploit vulnerabilities rapidly, increasing cyber and operational risks in the banking sector. This fits the definition of an AI Hazard because it plausibly could lead to harm (e.g., cyberattacks causing financial instability). There is no indication that any AI-related harm has already occurred, so it is not an AI Incident. The article also includes references to regulatory and supervisory responses, but the main focus is on the potential risks rather than these responses, so it is not primarily Complementary Information. Hence, the classification as AI Hazard is appropriate.[AI generated]