Frank Elderson, a board member of the European Central Bank, advised banks in the euro region on Wednesday to promptly get ready for any cyberattacks that might be launched using Anthropic’s Mythos AI model or other such technologies.
In an interview with the ECB journal Supervision Newsletter, Elderson, vice head of the ECB’s bank supervision arm, stated that the issue was made worse by the fact that banks in the euro region were unable to access 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 stated.
The big U.S. banks that were given early access to Mythos are racing to address numerous data system flaws that the tool identified.
Cybersecurity experts see Mythos as a major threat to the industry, which has prompted a number of warnings from regulators and policymakers.
Elderson cautioned that banks must prepare for future AI models that could be released in relatively quick succession.”
Conversely, it makes it much more imperative that banks take immediate action,” he stated.
Large American banks that have been given early access to Mythos are racing to address numerous data system flaws that the tool has identified.
Cybersecurity experts consider mythos to be a serious threat, which has led to several cautions from authorities and legislators.
Elderson cautioned that institutions must prepare for AI models that would enable much more aggressive cyberattacks in the future.
We must be prepared to handle increasingly powerful future models that may be introduced in pretty short order,” he stated.
The president of the central bank, Christine Lagarde, stated earlier this month that the ECB is researching defenses against Mythos-guided cyberattacks, despite being at a disadvantage due to a lack of access to the model.
ECB supervisors would ask the banks they oversee about their readiness for the new source of risk.
The global gap in access to the AI model could widen for Europe, with Japan’s three largest banks likely to be cleared to begin work with Mythos in about two weeks.
Elderson stated that banks and the contractors they depend on must promptly address even small vulnerabilities that have traditionally only been addressed in longer software update cycles.
