ECB Directs Euro-Zone Banks to Develop Plans Against Rising AI Cybersecurity Threats

The European Central Bank (ECB) has instructed euro-zone lenders to submit action plans by the end of October to address growing cybersecurity threats, particularly those amplified by artificial intelligence. This directive follows a warning from the European Systemic Risk Board (ESRB) that raised its assessment of systemic cyber risk to 'severe,' emphasizing the need for banks to accelerate software patching, strengthen AI-enabled defenses, and modernize infrastructure.