Canada warns banks and insurance companies to prepare for AI "Claude Mythos," fearing it will accelerate cyberattacks and increase risks to the financial system.

The Canadian financial regulator has issued a warning to banks and insurance companies to prepare for the risks posed by advanced AI technologies like Claude Mythos, which could help hackers find and exploit vulnerabilities more quickly.

July 14, 2569 at 10.03:XNUMX a.m., Reuters reported that Canada's financial regulatory authority, the Office of the Superintendent of Financial Institutions (OSFI), has issued a warning to major financial institutions to prepare for risks from Claude Mythos, a new artificial intelligence (AI) model from Anthropi.c. This includes other advanced AI technologies, stating that such technology could increase cybersecurity risks and give financial institutions less time to detect and fix system vulnerabilities.

The email was sent in April to chief technology officers (CTOs), chief information security officers (CISOs), and chief risk officers (CROs) of major banks, insurance companies, and financial institutions across the country, according to documents obtained by Reuters through a request for access to government information.

OSFI states that advanced AI models, such as Claude Mythos, can significantly shorten the time it takes to respond to cyberattacks, prompting financial institutions to accelerate their processes for identifying, assessing, and mitigating risks.

The email also stated that the guidelines were based on existing OSFI principles and offered best practices that financial institutions could adopt to improve the detection, mitigation, and timely response to cyber threats. However, some parts of the email were withheld in accordance with Canadian privacy laws.

Following inquiries from Reuters last week, OSFI released a public statement regarding Generative AI and Agentic AI, confirming that OSFI employs a risk-based regulatory approach rather than one focused on regulating the technology itself.

OSFI states that the key is not the AI ​​itself, but rather how financial institutions manage the risks associated with its implementation.

Earlier in April, Canadian bank executives met with regulators to discuss the risks posed by Claude Mythos, following an emergency meeting between U.S. Treasury Secretary Scott Basen and then-Fed Chairman Jerome Powell with CEOs of major U.S. banks to warn of cyber threats from Anthropic's latest AI variant.

OSFI, which oversees the stability of Canada's financial system—from banks and insurance companies to pension funds—also plays a role in monitoring new risks arising from geopolitical factors, foreign intervention, and emerging technologies.

Recently, major Canadian banks such as Royal Bank of Canada (RBC), TD Bank, and BMO have announced plans to further invest in AI to generate revenue and improve operational efficiency. These banks are beginning to implement AI in chatbots, internal tools, and reduce their reliance on software from external providers. Scotiabank, CIBC, and National Bank have also unveiled several AI projects.

The Canadian government states that it has been granted access to Anthropic's Project Glasswing, which allows organizations to utilize the Claude Mythos, but it is not yet clear which Canadian banks have adopted the model.

side Canadian Bankers Association It was stated that member banks have continuously invested in cybersecurity systems and comply with OSFI requirements for risk management and reporting security incidents.

while Bruce Ross, Head of AI at Royal Bank of Canada. In an interview in June, Claude Mythos reflected a significant shift in the cyberattack landscape, emphasizing the need for organizations to respond quickly because new vulnerabilities can emerge almost immediately.

He said the financial industry is addressing these risks by developing AI to counter AI and will continue to invest in this area.

refer : reuters.com

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