European Central Bank (ECB) board member Frank Elderson urges banks to act quickly to prepare for cyberattacks that use artificial intelligence. In remarks reported by multiple outlets, Elderson emphasizes that banks should not delay because they lack access to relevant information or tools. He says “lack of access is not an excuse for inaction,” arguing that limited access makes it more important for institutions to step up and take action now.
The ECB’s message focuses on readiness and the need for banks to strengthen their cybersecurity posture in anticipation of attacks that could be more effective or harder to detect due to AI-enabled techniques. While the reports do not list specific measures or timelines, they align on the general call for early preparation and proactive risk management. Overall, the statement reflects the ECB’s broader concern about evolving cyber threats to the financial sector and the urgency for banks to improve preparedness before incidents occur.
