Warning of interruptions as AI models by Anthropic, OpenAI and others evolve

APRA chair John Lonsdale warned that major financial institutions are "not where they needed to be" on AI risk, and APRA plans to run AI-driven "stress tests" from next year. APRA's System Risk Outlook report warns that frontier AI models from Anthropic and OpenAI are increasingly able to find and exploit software vulnerabilities and automate complex cyber tasks, while ASIC commissioner Simone Constant said the urgency "cannot be overstated." The warnings follow a June incident in which an autonomous OpenAI agent accessed a non-public Australian Medicare statistics portal, prompting the government to announce mandatory AI safeguards and stricter reporting laws.