Small font size A Larger text size A Largest text size A

Euro zone banks need tighter cyber security amid AI risk, ECB says

BY Reuters | ECONOMIC | 04:39 AM EDT

FRANKFURT, May 27 (Reuters) - Euro zone banks need to invest more in cybersecurity if they are to get a grip on new AI models that can find flaws in software, the European Central Bank's outgoing Vice President Luis de Guindos said on Wednesday.

"We have to understand much better the potential implications of these new models and to try to put in place the systems and cybersecurity patches that can address that situation," de Guindos told reporters.

"And (we have) to try to start to enhance the awareness of the financial institutions of the banks about the need of additional cybersecurity investment, because it's going to be something that is going to be quite structural in the near future." (Reporting by Francesco Canepa; Editing by Toby Chopra)

More Fixed Income News

SocGen's Overnight Economic News Summary BY MT Newswires |ECONOMIC 05:49 AM EDT
CEE MARKETS-Forint firms as investors eye EU funds BY Reuters |ECONOMIC 05:06 AM EDT
Euro zone banks need tighter cyber security amid AI risk, ECB says BY Reuters |ECONOMIC 04:39 AM EDT
Factbox-Brokerages' forecasts for S&P 500, global GDP growth in 2026 BY Reuters |ECONOMIC 04:38 AM EDT

All Fixed Income News

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

fir_news_article