by Iñaki Aldasoro, Raphael Auer, Jon Frost, Fernando Perez-Cruz Frontier artificial intelligence (AI) models increase the speed, scale and complexity of cyber attacks, and they also strengthen cyber defence. But the costs are asymmetric and may favour attackers. The medium-term impact on systemic cyber risk depends on the various actors’ access to the most advanced tools, on compute power to run the tools and on economic incentives.