European Central Bank urges banks to boost cyber security investments as AI threats accelerate

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The European Central Bank (ECB) has summoned major banks to an emergency meeting to warn of new cybersecurity risks linked to advanced AI models, according to the Financial Times. Frank Elderson, vice chair of the ECB’s Supervisory Board, said banks must become significantly faster at installing security updates. According to the ECB, new AI tools can make it possible to identify and exploit security flaws much faster than in the past. One example is Anthropic’s AI model, Claude Mythos Preview. According to the company, the model has detected thousands of serious vulnerabilities in operating systems and web browsers. European banks are considered more vulnerable because many lack access to the technology, while some US banks are already testing it. The ECB is hoping US banks will share their experiences with European competitors.

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