AI-enabled cyberattacks could take down multiple financial service firms simultaneously in a series of “correlated failures”, posing a systemic risk to the global financial system, according to a recent blog by the International Monetary Fund (IMF).

How worried should we be? Global research by ISACA indicates that while AI policies are becoming more common, only 38 percent of organizations have a formal, comprehensive AI policy – and a quarter have no active policy at all.

Ruth Prickett graduated from Cambridge University with a BA hons in History and has specialized in business and finance journalism for the past 20 years. She was editor of Financial Management, the magazine...