Finma Says Immediate Mythos Access Would Pose Systemic Bank Risk
(Bloomberg) — Switzerland’s top financial regulator said giving banks quick and easy access to Anthropic PBC’s artificial intelligence tool Mythos would create a severe risk for the country’s financial system.
“The uncontrolled and immediate availability of AI models such as Mythos would be classified as a systemic risk,” a spokesperson for Finma said in response to questions from Bloomberg News. “In such a scenario, virtually all existing software systems could simultaneously be affected by a multitude of previously unknown zero-day vulnerabilities, which would be exploited immediately and via AI.”
Anthropic has said that Mythos is too powerful to release to the general public, which it has described as so good at finding vulnerabilities in software that it will only be released to a limited number of carefully chosen parties. If tools like Mythos fall into the wrong hands, it could provide attackers with a powerful new weapon to steal data or disrupt critical infrastructure, the firm has said.
Regulators, central bankers and corporate executives have been seeking to gain more insight on the technology. There are concerns that financial systems outside the US including Europe are at a disadvantage because they have limited access.
The European Central Bank was planning to convene a call later in the week to discuss the potential threats from Mythos with the chief risk officers of eurozone lenders, Bloomberg News reported on Thursday last week.
“We must prevent the misuse of this technology,” Bundesbank President Joachim Nagel said on Tuesday. “At the same time, all relevant institutions should have access to such technology to avoid competitive distortions.”
Commerzbank AG is “examining the Mythos model very closely and assessing the associated risks,” a spokesperson said in a statement. “To this end, we are also in close contact with other banks, technology partners and regulatory authorities.”
Well Prepared
Germany’s banks are well prepared for heightened cyber risks emanating from the new technology, Deutsche Bank AG Chief Executive Officer Christian Sewing said on Monday.
Finma added in its statement that it “takes the rapid development of AI very seriously” and it’s “in contact with the Federal Office for Cybersecurity, banks, and critical service providers” while also “coordinating with international authorities.”
Banks “must actively incorporate the evolving threat landscape into their risk management,” it said. “Cyber attacks are becoming faster, more precise, and easier to carry out with the help of AI. A strong awareness of the risks at all levels, continuous communication with service providers, and a clearly risk-oriented approach are essential.”
–With assistance from Claudia Cohen.
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