ASIC urges industry to strengthen cybersecurity against AI threats
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The news: ASIC has urged all licensees and market participants to critically strengthen their cyber resilience measures, as frontier artificial intelligence heightens the global cybersecurity risk.
The context: In an open letter to the industry, ASIC urged entities to act immediately and not wait for advanced AI tools to uplift their cybersecurity measures. ASIC warned that misuse of frontier AI models, such as Anthropic’s Claude Mythos, could expose vulnerabilities at an unprecedented speed.
Steps that ASIC wants entities to take include identifying and protecting critical assets, regularly reviewing user access, implementing layered ‘defence-in-depth’ architectures, and using AI for defensive purposes where appropriate.
Entities are now required to submit a letter at their board and risk governance committees. The regular said it will continue to work closely with other agencies to monitor cyber risks and promote consistent expectations across the financial system.
What they said: “Cyber risk has entered a new era. The advent of frontier AI models creates opportunity, but also materially increases risk, with the ability to expose vulnerabilities far faster than many realise,” ASIC Commissioner Simone Constant said.
“In this new world, weaknesses that once seemed isolated can now have a system-wide domino-effect, enabling new forms of exploitation that were previously out of reach for most malicious actors,” she added.
The source: ASIC
