Euro Area Banks Warned to Prepare for AI-Assisted Cyberattacks

The European Central Bank (ECB) is warning banks in the euro area to quickly prepare for potential cyberattacks launched using AI models like Anthropic's Mythos. ECB board member Frank Elderson, who is also vice chair of the bank's supervision arm, emphasized that lack of access to such tools is not an excuse for inaction.

Elderson pointed out that banks in the euro area do not have access to Mythos, which has been granted to large U.S. banks, and this added to the severity of the issue. He warned that banks need to be prepared for future AI models that will enable even more aggressive cyberattacks.

The ECB's president, Christine Lagarde, has stated that the bank is studying defenses against Mythos-guided cyberattacks. Reuters reported in April that ECB supervisors would ask monitored banks about their preparedness for this new source of risk.