According to a report on a recent Eurogroup meeting, the European Central Bank (ECB) has warned that cyberattacks on banks are becoming increasingly frequent and sophisticated. In light of this, the ECB is drawing up an action plan due to be published in October this year, and will emphasise to board members the importance of cyber resilience.

In July this year the European Systemic Risk Board (ESRB) sent out the warning “Frontier AI models could strain cyber resilience in the financial system“. Later in July the ESAs published the press release “BA, EIOPA and ESMA call for enhanced governance and consistent supervision to mitigate ICT risks from frontier AI models in the EU financial sector“.

Today the Financial Stability Board published the press release “FSB Chair warns of risks arising from frontier Artificial Intelligence (AI) models“, showing how urgent the problems with AI and other digitalisation are.

I wonder whether the authorities will manage to mitigate the risks of digitalisation in time.

NB Incidentally, a wide range of financial institutions, including banks, are not obliged to notify data subjects of data breaches (article 1, article 2).