IMF: Cyber Attacks Not Only Target Banks, Telecommunications Networks Could Shut Down Completely

The International Monetary Fund (IMF) has warned that artificial intelligence (AI) could turn cyber attacks into a systemic threat to the global financial system, stating that advanced models can help attackers (hackers) exploit vulnerabilities more quickly than institutions’ ability to fix them.

Citing the Russia Today website, Sunday, 10 May 2026, the IMF said its latest analysis shows that “extreme losses from cyber attacks could trigger funding pressures, raise concerns about solvency, and disrupt broader markets”.

According to the IMF, the current financial system relies on shared digital infrastructure, including software, cloud services, and networks for payments and other data.

The IMF also warned that advanced AI models could significantly reduce the time and cost needed to identify and exploit weaknesses, thereby increasing the risk of simultaneous attacks on widely used systems.

Citing the latest release from Claude Mythos Preview by Anthropic, “AI models are described as sophisticated tools with extraordinary cyber capabilities”. According to the IMF, Mythos can find and exploit vulnerabilities in every major operating system and web browser, “even when used by non-experts”.

The IMF emphasised that AI-driven cyber attack risks could shake the financial system if not managed carefully, and noted that cyber attacks could spread beyond the financial sector because banks share digital foundations with the energy, telecommunications, and public services sectors.

“Defences will certainly be breached, so resilience must also be a priority,” said the IMF, reminding amid broader concerns about the misuse of AI.

A recent study in the UK found that artificial intelligence (AI) is increasingly being used by human traffickers to “identify, recruit, and control victims on a large scale”.

The White House is reportedly considering reviewing new AI models before their release to avoid political impacts from potential AI-supported cyber attacks. Not only that. AI chatbots are also increasingly linked to facilitating serious crimes and violence.

A recent joint investigation by CNN and the Center for Countering Digital Hate found that 8 out of 10 AI chatbots were very willing to help researchers simulate planning violent attacks, including school shootings, religious bombings, and murders, even wishing prospective attackers “safe (and secure) in carrying out the shooting!”