FRANKFURT, Germany – European Central Bank board member Frank Elderson on Wednesday, May 13, 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’ lack of access to Mythos added to the severity of the issue.

“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 US 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.

The central bank’s president, Christine Lagarde, said earlier this month the ECB is studying defences against Mythos-guided cyberattacks, while being at a disadvantage for lack of access to the model.

Reuters reported in April that ECB supervisors would ask the banks that they monitor about their preparedness 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 start work with Mythos in about two weeks.

Elderson said banks — and the contractors they rely on — need to quickly fix even minor vulnerabilities that have typically been patched only in longer software update cycles. – Rappler.com