Banks in the United States are rushing to patch up dozens of weaknesses in their IT systems that were identified by Mythos AI, the costly and powerful new AI tool unveiled by Anthropic. Banks are conducting software updates and urgent repairs. This flurry of activity is increasing the possibility that customers could experience disruptions in banking services.
A few banking institutions have been given access to the AI tool and a special program they have collectively created is uncovering issues that could make the lenders vulnerable to attacks. As those issues are uncovered, the big banks are passing on some of their findings to smaller financial institutions that don’t have the financial and technical capacity to use the tool themselves.
Mythos presents huge challenges to the existing banking tech systems and policymakers as well as regulators are sending out urgent warnings about the risks this AI tool presents.
Incedo’s CEO and co-founder Nitin Seth says the findings of the large banks pour water on the long-standing thinking that weaknesses in banking software can stay hidden for long periods before bad actors identify and exploit them. Seth says the findings by Mythos AI are a wake-up call to banks. Incedo is an AI, digital and data services firm.
As the banks on Wall Street test Mythos, they are finding that the tool is very good at identifying low-risk weaknesses and combining them into major threats to the financial institutions. This discovery has triggered a rush to patch up, upgrade and fix systems so that those vulnerabilities are plugged.
So far, the tool has identified thousands of vulnerabilities that it groups into low-risk weaknesses, moderate and high risk weaknesses. Institutions with legacy banking systems are being pushed to fix problems in a matter of days, yet they previously took weeks to address any issues discovered. These amplified workloads are creating the possibility that banking operations could suffer disruptions frequently.
Smaller banks are facing multiple barriers to getting access to the preview of the technology. First, many lack the requisite processing power to use the tool. Secondly, the smaller institutions cannot afford the hefty access fees to use Mythos. Currently, Anthropic is charging $25 for every million tokens of input by a user. The company is also charging $125 for every million tokens of output from the tool after the user makes their queries. This cost is prohibitive for many smaller banks.
Anthropic says its pricing model is designed to enable accessibility while ensuring the firm behind the model is funded for its work.
The potential, both good and bad, of AI tools like Mythos highlights what the future holds in store as AI hyperscalers like Meta Platforms Inc. (NASDAQ: META) push the possibilities of what AI can do to ever-increasing limits.
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