Euro zone banks need tighter cyber security amid AI risk, ECB says

FRANKFURT, May 27 : Euro zone banks need to invest more in cybersecurity if they are to get a grip on new AI models that can find flaws in software, the European Central Bank’s outgoing Vice President Luis de Guindos said on Wednesday.

“We have to understand much better the potential implications of these new models and to try to put in place the systems and cybersecurity patches that can address that situation,” de Guindos told reporters.

“And (we have) to try to start to enhance the awareness of the financial institutions of the banks about the need of additional cybersecurity investment, because it’s going to be something that is going to be quite structural in the near future.”