Business materials for 19 February 2025

At the Ural Forum "Cybersecurity in Finance," VTB Senior Vice President Sergey Bezbogov outlined the main challenges facing market participants on the threshold of the open banking era. According to him, to successfully implement the concept of open APIs, it is necessary to address a number of issues related to security, regulation, and user awareness.

On February 18, 2025, Michael Barr, the Federal Reserve's Vice Chair for Supervision, expressed concerns about the potential risks associated with the rapid development of generative artificial intelligence (AI). He noted that the high speed of AI decision-making could lead to "herd behavior" and risk concentration, which, in turn, could amplify volatility in financial markets.