ECB Urges Banks to Submit AI Cybersecurity Threat Plans by End of October

ChainCatcher report: The European Central Bank (ECB) has requested banks to develop plans to address the growing cybersecurity threats posed by advanced AI models such as Anthropic’s Claude Mythos. In a letter to bank CEOs, ECB Chief Supervisor Claudia Buch urged financial institutions to submit action plans by the end of October. She encouraged banks to accelerate software patch updates, strengthen AI-driven cyber defenses, and enhance oversight of third-party vendors, while emphasizing that, in the long term, banks must modernize their infrastructure. Buch stated, “The ECB calls on all significant institutions to immediately assess the impact of evolving threats and develop comprehensive action plans outlining specific measures to strengthen relevant controls.” ECB President Lagarde warned last month that artificial intelligence could trigger a financial crisis, stressing that bank CEOs must ensure preparedness and recognize that mitigation efforts require substantial investment. The ECB has conducted cyberattack simulations under severe scenarios across 109 banks, and most identified vulnerabilities have since been addressed.