ECB warns eurozone banks about Mythos access amid AI risk
The European Central Bank (ECB) is urging eurozone banks to patch up their security gaps, warning that AI-driven cyberattacks could be on the horizon.
Frank Elderson from the ECB highlighted that European banks are at higher risk right now since they don't have access to a powerful AI tool called Mythos, which their US counterparts have early access to, while Japanese banks may soon begin work with it.
Frank Elderson: eurozone banks must act
Elderson made it clear that even small system flaws need quick fixes because future AI could turn them into big problems.
"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.
The ECB is now looking into how to defend against these new threats and checking if banks are ready for the challenges ahead.