ECB to Banks: Fix AI-Exposed Flaws in IT Systems Now

The European Central Bank is urging lenders to speed up efforts to secure their IT systems. This comes after a meeting focused on cybersecurity risks posed by the latest artificial intelligence models. ECB Executive Board member Frank Elderson stated that existing cybersecurity issues need faster attention due to AI's progress. The ECB will warn banks about potential threats highlighted by AI systems like Anthropic PBC’s Claude Mythos Preview. They are also asking US banks with access to this technology to share insights with European counterparts. Elderson stressed that banks must deploy software patches more quickly because AI can uncover vulnerabilities almost instantly. He added that European banks cannot use limited access to Mythos as an excuse, as malicious actors may soon access the technology. Mythos, which identifies unknown IT system flaws, has caused concern in Europe due to Anthropic limiting access. The EU is in talks with Anthropic to test companies and banks for vulnerabilities Mythos uncovers. Anthropic previously reported Mythos identified thousands of severe vulnerabilities in operating systems and browsers. Another AI company, Mistral AI, is also discussing deploying its product to uncover security flaws with European banks. This push highlights the urgent need for financial institutions to adapt their security measures to the evolving landscape of AI-driven threats.