AI Is Reshaping Cyber Threats, ECB Warns Banks to Act

European Central Bank (ECB) Governing Council member Frank Elderson has urged eurozone banks to prepare urgently for a new wave of cyber threats linked to artificial intelligence.

The warning follows reports about Anthropic’s Mythos model, which experts say can identify vulnerabilities in banks’ IT systems far more effectively than existing tools.

In an interview in the ECB’s Supervision Newsletter, Elderson said that even though eurozone banks do not yet have access to the Mythos platform, they cannot remain passive. He added that the lack of access makes it even more important for banks to act quickly.

Reuters reported that several major US banks with early access to Mythos are already working to fix dozens of vulnerabilities uncovered by the system. Cybersecurity experts see the technology as a significant challenge for the financial sector, while regulators are warning of a new era of AI-driven attacks.

Elderson also cautioned that the current model may only be the beginning. He said banks need to prepare for more advanced AI systems that could emerge in the near term and enable more sophisticated cyberattacks.

(reuters, max)