ECB tells banks to plan for AI-related collapse in cyber defences
European Systemic Risk Board warns response times have narrowed from days to minutes
Claudia Buch, chair of the European Central Bank’s supervisory board, has given banks until October 31 to submit their artificial intelligence security plans, shortly after the European Systemic Risk Board (ESRB) warned of the potential collapse of financial institutions’ cyber defences.
In a letter to banks on July 7, Buch wrote that rapid advances in AI systems presented “pivotal changes to the cyber security landscape”.
The ESRB on June 25 had published its own letter warning of the systemic
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