European Central Bank warns euro area banks to act now on AI cyber threats from Mythos
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ECB's Elderson urges euro area banks to prepare for AI cyber threats By Investing.com
Investing.com -- European Central Bank board member Frank Elderson on Wednesday called on euro area banks to swiftly prepare for potential cyber attacks involving Anthropic's Mythos AI model or similar technologies. Elderson, who serves as Vice Chair of the ECB's bank supervision arm, made the comments in an interview published by the ECB. He noted that euro area banks currently lack access to Mythos. "Lack of access is not an excuse for inaction. On the contrary, it makes it even more critical that banks step up and act now," Elderson said. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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ECB urges banks to brace quickly for AI-assisted cyberattacks
FRANKFURT, May 13 (Reuters) - European Central Bank board member Frank Elderson on Wednesday urged banks in the euro area to quickly prepare for potential cyberattacks launched with the help of Anthropic's Mythos AI model or similar tools. Elderson, who is Vice Chair of the ECB's bank supervision arm, said in an interview in ECB publication Supervision Newsletter that euro area banks currently do not have access to Mythos. "Lack of access is not an excuse for inaction. On the contrary, it makes it even more critical that banks step up and act now," he said. Reuters reported this week that large U.S. banks, which have been granted early access to Mythos, are rushing to fix scores of data system weaknesses flagged by the tool. Mythos is viewed by cybersecurity experts as a significant challenge to the banking industry and its data technology systems, prompting a series of warnings from regulators and policymakers. Elderson warned that banks need to brace for future AI models that enable even more aggressive cyberattacks. "We need to be able to deal with ever more capable future models that could be released in relatively quick succession," he said. (Reporting by Ludwig Burger and Reinhard Becker, Editing by Linda Pasquini)
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The European Central Bank's Frank Elderson is urging euro area banks to immediately prepare for potential cyberattacks powered by Anthropic's Mythos AI model. Despite lacking access to the tool, Elderson emphasized that inaction is not an option as banks must brace for increasingly aggressive AI-driven cyber warfare. Large U.S. banks with early Mythos access are already rushing to fix data system vulnerabilities.
ECB Issues Urgent Call to Action on AI-Powered Cyber Threats
The European Central Bank is sounding the alarm on a new wave of AI cyber threats that could target financial institutions across the continent. Frank Elderson, Vice Chair of the ECB's bank supervision arm, issued a stark warning on Wednesday urging euro area banks to swiftly prepare for potential cyberattacks involving Anthropic's Mythos AI model or similar technologies
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. The call comes as cybersecurity experts view Mythos as a significant challenge to the banking industry and its data technology systems, prompting a series of warnings from regulators and policymakers2
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Source: Market Screener
No Access Does Not Mean No Action
In an interview published in the ECB's Supervision Newsletter, Elderson emphasized that euro area banks currently lack access to Mythos, but this should not delay their response
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. "Lack of access is not an excuse for inaction. On the contrary, it makes it even more critical that banks step up and act now," he stated1
. This directive underscores the urgency of the situation, as financial institutions must proactively prepare even without direct exposure to the tool itself. The message is clear: waiting for access before taking defensive measures could leave banks dangerously exposed to AI-assisted cyberattacks.U.S. Banks Already Scrambling to Fix Vulnerabilities
The threat is not theoretical. Reuters reported this week that large U.S. banks, which have been granted early access to Mythos, are rushing to fix scores of data system vulnerabilities flagged by the tool
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. This real-world testing reveals the extent to which AI models can identify and potentially exploit weaknesses in banking infrastructure. The experience of U.S. institutions serves as a preview of what European banks may face, highlighting the importance of immediate action to shore up defenses against AI-driven cyber warfare.Related Stories
Preparing for an Escalating AI Arms Race
Elderson's warning extends beyond Mythos alone. He cautioned that banks need to brace for future AI models that enable even more aggressive cyberattacks. "We need to be able to deal with ever more capable future models that could be released in relatively quick succession," he said
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. This forward-looking perspective suggests that the current threat landscape is just the beginning. As AI capabilities advance, the sophistication and frequency of cyberattacks will likely increase, requiring banks to adopt a continuous improvement approach to cybersecurity rather than treating this as a one-time challenge.References
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