Dutch banks accelerate cybersecurity efforts after ECB warning on AI risks

Banks across the Netherlands are tightening their cybersecurity measures following warnings about the AI system Mythos. The European Central Bank (ECB) has urged eurozone banks to quickly improve their digital defenses to protect against possible cyberattacks involving the model. The National Cyber Security Centre (NCSC) previously released its own alert and advised institutions on how to respond. According to the Dutch Banking Association (NVB), banks remain in close coordination with the NCSC and are backing the proposed measures.

Mythos, an AI model developed by U.S.-based Anthropic, is currently only available to a limited number of users. The system is capable of detecting security flaws at high speed, and several companies are already using it to improve their cyber defenses.

At the same time, experts warn that the technology could pose serious risks if it falls into the hands of criminals, potentially exposing banking infrastructure to attacks. ECB executive board member Frank Elderson called the matter “urgent” on Wednesday, stressing that banks need to rapidly locate and fix vulnerabilities in their systems.

Dutch banks say they are keeping a close watch on AI developments and the cybersecurity risks they may create, according to the Dutch Banking Association (NVB). “This also applies to Anthropic’s Mythos model,” said Triodos Bank, which added that the issue is being treated as a top priority.

“Where necessary, we are taking appropriate measures,” a spokesperson for ABN AMRO said. ING stated that it is, among other things, working to speed up internal processes so the time between discovering a possible vulnerability and fixing it can be reduced.

Rabobank also acknowledges that AI is changing the nature of cyber threats and, in some cases, accelerating them. However, a spokesperson for the bank emphasized that this is not an entirely new risk, but rather a further acceleration of a trend that has been developing for years. “Cyber threats have been increasing for years, and we have been investing in this structurally,” he said.

Hundreds of employees at the bank work daily on securing systems and protecting customers. “The ECB’s call to address vulnerabilities faster and with greater urgency fits well with the way we already approach this issue.”