Banks throughout the eurozone must significantly increase their cybersecurity investments to defend against artificial intelligence models capable of identifying software vulnerabilities, according to the European Central Bank’s departing Vice President Luis de Guindos, who spoke to reporters 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.
The banking official emphasized the urgent need for financial institutions to recognize this growing threat and act accordingly.
“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,” he stated.
