European Central Bank board member Frank Elderson has urged euro area banks to prepare rapidly for cyber attacks powered by advanced artificial intelligence tools such as Anthropic’s Mythos AI model.
Elderson, who also serves as Vice Chair of the ECB’s bank supervision arm, issued the warning during an interview published by the ECB on Wednesday. He stressed that banks should not delay preparations simply because they do not yet have access to the technology.
ECB Raises Alarm Over AI Cyber Risks
Elderson said euro area banks currently do not have access to Mythos. However, he warned that the lack of access should not create complacency among financial institutions.
“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.
His comments reflect growing concerns among regulators about the rapid development of artificial intelligence tools and the risks they may pose to financial systems. Authorities fear that increasingly capable AI systems could help cyber criminals launch more sophisticated attacks against banks and critical infrastructure.
Banks Urged To Strengthen Defences
The ECB has repeatedly highlighted cyber security as a major risk for the banking sector. Elderson’s latest remarks underline the need for banks to improve their resilience before advanced AI-driven threats become more widespread.
Moreover, regulators are paying closer attention to how financial institutions manage operational and technological risks. Cyber attacks can disrupt payment systems, expose sensitive customer data, and weaken confidence in the banking system.
Elderson’s warning suggests that banks should strengthen monitoring systems, improve internal safeguards, and prepare response plans for emerging AI-related threats.
AI Tools Draw Increasing Regulatory Attention
Artificial intelligence models have expanded rapidly in capability and influence in recent years. As a result, policymakers and regulators across Europe have intensified scrutiny of how such tools could affect security and financial stability.
The ECB official’s comments add to broader concerns about the potential misuse of advanced AI systems. While these technologies may improve productivity and efficiency, regulators worry that they could also provide new tools for malicious actors.
Consequently, European authorities continue to encourage financial institutions to remain proactive and adaptable as cyber risks evolve.
With inputs from Reuters