FRANKFURT, May 12 (Reuters) – Germany’s banking regulator BaFin warned on Tuesday that cyber risks were “growing” and “substantial” \u200cdue to advances in artificial intelligence, and announced \u200ca new division will conduct targeted inspections at financial firms.<\/p>\n
The emergence \u200bof Anthropic’s Mythos has set up a scramble from the global banking industry to gain access and test the technology as regulators rush to examine the cybersecurity risks \u200cthe new artificial intelligence \u2060model raises and how prepared financial firms are to tackle them.<\/p>\n
“These new AI models \u2060can identify many vulnerabilities in both new and existing IT systems with remarkable speed,” said BaFin President Mark Branson.<\/p>\n
“They \u200bwill \u200bbe able to exploit the \u200bvulnerabilities they find ever \u200cmore rapidly.”<\/p>\n
Branson said that the financial industry could afford to strengthen cybersecurity, calling it “an urgent and essential investment”.<\/p>\n
Mythos is viewed by cybersecurity experts as posing significant challenges to the banking industry and its legacy technology systems, \u200cprompting a series of warnings from \u200bregulators and policymakers. A string \u200bof U.S. banks \u200bhave so far been given access to \u200cMythos.<\/p>\n
Branson said that a new \u200bdivision will make \u200btargeted inspections of financial firms.<\/p>\n
“Such ‘IT spotlight’ inspections take far less time than fully-fledged reviews. We can therefore \u200bcomplete more \u200cof them and thus respond more effectively to current \u200bdevelopments and incidents,” he said.<\/p>\n
(Reporting by Tom \u200bSims; Editing by Linda Pasquini)<\/p>\n","protected":false},"excerpt":{"rendered":"FRANKFURT, May 12 (Reuters) – Germany’s banking regulator BaFin warned on Tuesday that cyber risks were “growing” and…\n","protected":false},"author":2,"featured_media":12477,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[699,7777,13147,13145,13148,5,13149,13146],"class_list":{"0":"post-12476","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-germany","8":"tag-artificial-intelligence","9":"tag-bafin","10":"tag-banking-industry","11":"tag-cyber-risks","12":"tag-financial-firms","13":"tag-germany","14":"tag-inspections","15":"tag-mark-branson"},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/posts\/12476","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/comments?post=12476"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/posts\/12476\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/media\/12477"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/media?parent=12476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/categories?post=12476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/germany\/wp-json\/wp\/v2\/tags?post=12476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}