The emergence of Anthropic’s Mythos has created widespread concern about the potential threats posed by it and other similar AI models.
The European Central Bank (ECB) will urge swift action to improve IT security for lending institutions amid evolving AI threats when it calls representatives to a meeting tomorrow (26 May), according to the Financial Times (FT).
“This is a game-changer. We want banks to look at this. The clock is ticking,” Frank Elderson, vice-chairman of the ECB’s banking supervisory board, told the FT.
The appearance in April of Anthropic’s Mythos AI model, with its high levels of ability to detect and exploit cybersecurity vulnerabilities in browsers and operating systems, caused widespread concern about the threats it and other similar models could pose.
“There are many issues around cyber security that we’ve been dealing with with banks for years that are still working, but given the advances in AI, they need to be addressed urgently,” Elderson told the FT.
American banks such as JP Morgan Chase, Goldman Sachs, Citigroup, Bank of America and Morgan Stanley have been allowed controlled access to preview Mythos, and according to the FT, the ECB is hoping for cooperation between US and European lenders on this issue.
Although limited by the current lack of access to Mythos, European banks still need to be prepared for existing threats, and others that may arise, Elderson told the publication.
“The fact that you don’t have access to this model is not an excuse to do nothing,” he said. “Malicious players may soon have access to this technology.”
Last month, it was reported that a private Discord group had gained unauthorized access to Mythos shortly after its launch, although they did not use it for malicious purposes.
Meanwhile, a new survey of compliance professionals in Ireland found that more than a third of participants believed AI made it more challenging for financial institutions to protect customer and other sensitive data, while 7pc felt it made data protection easier.
A study by the Compliance Institute, Ireland’s professional body for compliance practitioners, gathered responses from around 150 compliance professionals working primarily across Irish financial services organizations to assess views on the impact of AI on data protection, and the steps companies are taking to comply with new EU rules that require them to ensure that employees have an appropriate level of AI literacy.
Michael Kavanagh, CEO of the Compliance Institute, said: “AI is increasingly being used in everyday operations across the industry, and that is changing the way organizations think about governance, oversight and capability.
“What the results indicate is a period of adjustment, where firms are building and strengthening the structures necessary to support the safe and effective use of this technology and their existing regulatory obligations.”
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