• Germany’s banking regulator BaFin warned that cyber risks are ‘growing’ and ‘substantial’ due to advances in artificial intelligence.
  • New AI models can quickly identify vulnerabilities in IT systems and exploit them, said BaFin President Mark Branson.
  • BaFin is setting up a new division for targeted inspections of financial firms, called ‘IT spotlight’ checks.
  • Branson urged the financial industry to strengthen cybersecurity, calling it an ‘urgent and essential investment’.
  • A number of U.S. banks have already been given access to the AI model Mythos, which poses challenges to the banking sector.

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