Bank of Italy talking to AI firms over security risks for banks
Bank of Italy Engages with AI Providers on Financial Sector Security
By Valentina Za
Central Bank's Recent Initiatives
ROME, May 29 (Reuters) - The Bank of Italy is in touch with global providers of artificial intelligence technology ahead of the release of new AI models to the financial sector, Governor Fabio Panetta said in his annual keynote speech on Friday.
• The central bank launched in recent days discussions with national authorities, financial players and their IT services providers on the subject, Panetta said.
Supervisory Concerns and AI Risks
• Bank supervisors' concerns over the risks linked to the spread of AI technology in the sector have recently focused on Anthropic's Mythos model.
Ensuring Proper Implementation of AI Models
• Contacts the Bank of Italy has established with companies such as Anthropic aim to ensure new AI models are properly implemented once they become publicly accessible.
Cybersecurity Implications of AI in Banking
• Designed to find flaws in computer code to help bolster defences against cyberattacks, Mythos is seen by cybersecurity experts as capable of turbo-charging attacks on banks' technology systems it aims to protect.
Responsibilities and Governance in IT Security
• Banks are responsible for ensuring their systems' protection and continuity, and if they use third-party providers, these companies bear the same responsibility, Panetta said.
Investment and Executive Action
• He urged banks to keep IT risks in check and draw up plans to quickly intervene when needed, using part of their recent record profits to support the necessary investments.
• The response cannot be purely technological but requires action by executive bodies which must set up sound governance and control frameworks, assign clear responsibilities and draw up plans to intervene promptly when necessary, he said.
(Reporting by Valentina Za, editing by Alvise Armellini)
