European Central Bank Gives Banks Four Months to Prepare for AI Attack Risks

The European Central Bank has announced that it is giving banks in the euro area four months to develop plans to address cyber threats supported by artificial intelligence. It warns that such attacks could undermine confidence in the financial system and disrupt payment networks. The bank urges financial institutions to update outdated technical systems and strengthen cybersecurity practices, emphasizing the importance of crisis management and effective information sharing. The goal is to protect digital assets and transactions from increasing risks as artificial intelligence capabilities continue to advance.

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