Urgent Call to Euro Banks: Prepare for the AI-Driven Cyberthreat

Amid mounting concerns over cybersecurity, European Central Bank board member Frank Elderson has issued a warning to euro area banks, urging them to prepare for cyberattacks potentially orchestrated using AI models like Anthropic's Mythos.

Elderson, also vice chair of the ECB's bank supervision arm, emphasized the critical need for swift action despite the banks' lack of access to this advanced tool. Recent reports highlight how U.S. banks are proactively fixing system vulnerabilities flagged by Mythos, underscoring the risks posed to eurozone financial institutions.

The ECB is actively exploring defenses against such AI-driven threats, with President Christine Lagarde acknowledging the challenge posed by access disparities. As other global banks, like Japan's top three, gain clearance to utilize Mythos, Elderson insists on the urgency of addressing even minor vulnerabilities now.

(With inputs from agencies.)