ESA Statement on frontier AI models

In this statement, the European Supervisory Authorities note that the advanced capabilities of recent frontier AI models significantly accelerate cyber risks, underscoring the urgent need for robust cybersecurity measures and rapid incident response capabilities. AI-enabled cyber tools could generate systemic risks due to their ability to: i) rapidly discover and exploit vulnerabilities; ii) target vulnerabilities in shared infrastructure; and iii) leverage single points of failure across entities.

Consequently, to strengthen the risk mitigation, to promote a coordinated supervisory approach and ensure a level playing field across the EU, the ESAs encourage financial entities, taking into account the expectations of their supervisory authorities, to adjust ICT risk management processes, procedures and controls according to the following three risk mitigation strategies: i) prevention; ii) detection; iii) management.