European Central Bank board member Frank Elderson has urged banks in the euro area to swiftly prepare for potential cyberattacks launched with the assistance of advanced artificial intelligence tools, such as Anthropic’s Mythos AI model. Elderson, who serves as Vice Chair of the ECB’s bank supervision arm, emphasised the critical need for proactive measures in an interview featured in the ECB publication, Supervision Newsletter. He highlighted that while euro area banks currently do not have access to Mythos, this absence should not lead to complacency.
Mythos AI, developed by Anthropic, is a sophisticated artificial intelligence model viewed by cybersecurity experts as posing a significant challenge to existing digital defences. It is designed to identify and exploit weaknesses in data systems, making it a potent tool for both defence and potential attack scenarios. Elderson unequivocally stated, “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.”
The warning comes as large U.S. banks, granted early access to Mythos, are reportedly rushing to address numerous data system vulnerabilities flagged by the tool, a development reported earlier this week by Reuters. This real-world application underscores the immediate relevance of Elderson’s caution. He further warned that financial institutions must be prepared to contend with future AI models capable of enabling even more aggressive cyberattacks, which could be released rapidly. “We need to be able to deal with ever more capable future models that could be released in relatively quick succession,” Elderson added, stressing the evolving nature of the threat landscape.
