Tobias Sytsma, James V. Marrone, Anton Shenk, Gabriel Leonard, Lydia Grek, Joshua Steier
This report provides an exploratory assessment of foreign threats to the U.S. financial system, focusing on emerging risks posed by artificial intelligence (AI), social media, and changes in the geopolitical landscape. Specifically, we study attacks on financial trading models, bond dumping, deepfakes, and memetic engineering. These threats were selected based on discussions with focus groups and subject-matter experts, as well as a detailed literature review. The box on this page summarizes the risks posed by each threat, as well as our primary methods of analysis. For each threat, we discuss prior similar events (to the extent they exist), the potential economic costs of an attack, and factors that contribute to the likelihood of an attack.
This report is meant to be an initial assessment of these threats with the aim of informing policymakers, financial institutions, and relevant stakeholders on the emerging risks and the possible courses of action to enhance the resilience of the U.S. financial system.
ME THODS USED TO IDENTIFY THREATS
Our goal was to focus on threats to the U.S. financial system that are new, poorly understood, or for which the risks might be changing because of recent technological and geopolitical events. To identify relevant and emerging threats, we first developed a framework to describe all threats. We started by conducting an environmental scan of the literature.
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