Australia’s financial regulators have joined global counterparts in sounding the alarm over Anthropic’s frontier AI model Mythos, which experts say could very well powerful enough to destabilise banking systems by exposing cybersecurity vulnerabilities at scale.
According to a report by Reuters, the Australian Securities and Investments Commission (ASIC) said that it is closely monitoring Mythos along with other regulators. A spokesperson noted: “ASIC engages closely with other regulators, government agencies and the financial sector to understand and respond to changing technologies.” The agency emphasised that that financial services licenses are expected to be proactive in safeguarding customers and clients against risks posed by advanced AI systems.
APRA : Ensuring system resilience
The report by Reuters further adds that the Australian Prudential Regulation Authority (APRA) echoed ASIC’s concerns, stating it will continue to assess the implications of technological advancements like Mythos to ensure the ongoing safety and resilience of the financial system.The warning from Australia is followed by similar moves in South Korea, where the Financial Supervisory Service (FSS) convened meetings with banks and insurers to review Mythos-related risks.
Yonhap news agency reported that the Financial Services Commission (FSC) also held an emergency session with chief information security officers last week.
Fears of Anthropic’s new AI model Mythos reach Canada
Recently, Executives from Canada’s largest banks and top regulators gathered to discuss the cybersecurity risks posed by Anthropic’s new Claude Mythos AI model, amid the growing concerns that the technology could be weaponised to exploit software vulnerabilities.
According to a report by The Globe and Mail, the meeting was held by the Canadian Financial Sector Resiliency Group (CFRG), chaired by Bank of Canada COO Alexis Corbett, and included representatives from the Department of Finance, the Office of the Superintendent of Financial Institutions (OSFI), and executives from Canada’s six biggest banks plus Desjardins Group.As per the report, Bank of Canada spokesperson Paul Badertscher emphasised that the meeting was not an emergency one but rather a ‘situational awareness’ session. “It can still hold meetings at the request of its members. ‘Hey guys, we need to pay attention, there is something going on. Let’s get together and talk about this.’ That’s what this was,” he said.
