Introduction  5

The AI Cybersecurity Threat Landscape  6

Evolution of AI-Enabled Cyber Threats  6

Dual-Use Dynamics and the Offense–Defense Balance  7

Frontier AI and Autonomous Offensive Capabilities  8

Financial Stability Implications  8

Shared Infrastructure Risk  8

Third-Party Concentration Risk  9

AI-Enabled Fraud, Social Engineering, and Market Integrity  9

Operational Resilience  9

AI as a Force Multiplier for Cyber Defense  10

Emerging International Policy and Regulatory Frameworks  11

IMF Surveillance Work  11

Financial Stability Board  11

IOSCO and Securities Markets Regulators  12

BIS, Central Banks, and Prudential Supervisors  12

The European Union's Regulatory Framework  12

The United Kingdom's Approach  12

The United States' Framework  13

Gaps and Challenges in the Current Regulatory Architecture  13

Benchmark Saturation and Supervisory Opacity  13

The Global Security Divide and EMDE Exposure  13

Governance Gaps in Frontier AI Development  14

Policy Recommendations  14

Conclusions  16

Annex 1. Key Anthropic Documents on Claude Mythos  17

References  18