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Global regulators step up oversight of AI risks in finance

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Global financial watchdogs are intensifying their scrutiny of artificial intelligence (AI) in the banking sector, warning that heavy reliance on shared AI systems could threaten financial stability. As the use of AI accelerates across global markets, regulators are moving to monitor systemic risks and strengthen their own technological capabilities.

In a report published Friday, the Financial Stability Board (FSB) — which advises G20 governments — said widespread adoption of the same AI models and infrastructure could create “herd-like behaviour” across financial institutions. “This heavy reliance can create vulnerabilities if there are few alternatives available,” the FSB cautioned, warning that such concentration could amplify shocks during market stress.

A separate study by the Bank for International Settlements (BIS) urged regulators and central banks to “raise their game” in monitoring and using AI. The BIS said authorities must not only understand AI’s potential to reshape markets but also adopt the technology themselves to improve supervision and data analysis.

The report comes amid an international race — led by the United States and China — to dominate next-generation AI tools and applications, including those that underpin financial services.

While the FSB said there is currently “little empirical evidence” that AI-driven correlations have directly impacted market outcomes, it warned that AI could increase exposure to cyberattacks and algorithmic fraud.

Some jurisdictions have already acted. The European Union’s Digital Operational Resilience Act (DORA), which took effect in January, establishes new rules for digital and AI-based systems used by financial institutions.

The emerging consensus among regulators is clear: AI promises efficiency and insight, but without vigilant oversight, it could become a new source of systemic risk in global finance.

Google Uncovers New Russian Malware ‘LOSTKEYS’ Linked to Cold River Hacking Group

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Google’s Threat Intelligence Group announced Wednesday the discovery of a new malware strain called “LOSTKEYS”, which has been linked to the Russia-based hacking group Cold River, believed to have ties to the Russian Federal Security Service (FSB).

According to Google researcher Wesley Shields, the malware marks a significant expansion in Cold River’s cyber toolkit, with capabilities that include file theft and system reconnaissance, enabling attackers to gather intelligence on high-profile individuals and institutions.

“LOSTKEYS represents a new development in the toolset used by Cold River,” Shields stated in a blog post.

Recent Targeting Activity:

  • Attacks observed in January, March, and April 2025

  • Targets include current and former advisers to Western governments, military personnel, NGOs, journalists, think tanks, and individuals connected to Ukraine

  • Cold River continues to pursue espionage goals in line with Russian strategic interests

Background on Cold River:

Cold River gained notoriety for targeting:

  • Three U.S. nuclear research labs in 2022

  • Private email leaks of former British spymaster Richard Dearlove and other pro-Brexit figures

  • Credential theft campaigns targeting NATO governments and NGOs

The Russian embassy in Washington did not immediately respond to requests for comment.

The revelation underscores ongoing concerns about state-sponsored cyber threats emanating from Russia, particularly amid the ongoing war in Ukraine and heightened geopolitical tensions.

Russian Activist Reveals Details in Spy Scandal Following High-Profile Prisoner Swap

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In August, Pablo González, a Spanish journalist with Russian roots, was transferred from a Polish prison to Moscow as part of a high-profile prisoner swap. His return was marked by a ceremonial welcome from President Vladimir Putin, amidst allegations of espionage. González, known in Russia as Pavel Rubtsov, had been detained in Poland in 2022 under charges of spying, a claim he continues to deny.

Zhanna Nemtsova, daughter of the murdered Russian opposition leader Boris Nemtsov, has publicly shared her suspicions about González, revealing her concerns that he had been gathering intelligence on her and other activists. Nemtsova, who had previously interacted with González under the guise of a journalist, now asserts that he was indeed a spy, a claim supported by evidence shown to her during the criminal investigation.

González’s arrest in Poland followed his involvement in various international reporting assignments and a Russian defense ministry media trip to Syria. Despite his denial of espionage, Nemtsova and other activists remain convinced of his guilt, based on detailed reports and personal suspicions.

The prisoner swap, which involved exchanging González for Russian dissidents and Western detainees, has stirred controversy, particularly as González was seen celebrating his return in Moscow. His case has raised concerns about the integrity of international reporting and the extent of Russian intelligence operations in Europe.

The implications of González’s activities are being scrutinized, with fears of espionage infiltrating academic and political circles. While Spain has not revoked his citizenship, González’s future in Europe remains uncertain as investigations and diplomatic tensions continue.

Zhanna Nemtsova, now more vigilant about her security, reflects on the personal and political ramifications of this case, emphasizing the need for heightened awareness and caution in international relations.