The European Central Bank has called in banks for a meeting this week to urge them to speed up their efforts to fix IT issues exposed by new AI models.
Banks and regulators around the world have been scrambling to react to the fallout from the release of Anthropic’s Mythos AI tool.
The ECB has summoned lenders to a meeting this week to stress the seriousness of the threat, Frank Elderson, vice-chair of the ECB supervisory board that oversees banks, tells the Financial Times.
“There is a whole range of issues on cyber security that we have been engaging on with the banks for years which are all still valid, but given the progress in AI, they need to be dealt with faster,” says Elderson.
He adds: “It seems if one of the big software providers comes with a patch it is possible to reverse-engineer the vulnerability that the patch is supposed to patch, not in weeks but maybe in 30 minutes. That means that once the patch is out, a bank needs to have processes in place to actually make sure that it applies these patches much faster than what is now seen as market practice.”
Anthropic has refused to give European banks and regulators access to Mythos. The ECB is urging the big American banks who do have access to the model to share information with their European counterparts.
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