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France's Mistral Makes Digital Sovereignty Case for a European MythosThe European Central Bank added to mounting warnings sent to financial institutions that they must urgently act to protect their systems from artificial intelligence-enabled cyberattacks. British experts warned that gains in AI models' cyber capabilities appear to be accelerating.
German Financial Regulator Warns Sector to Step Up DefensesOpenAI is stepping up to do what arch-rival Anthropic still won't. The AI firm will give European authorities and companies access to its new vulnerability-finding AI model, so they can beef up their cybersecurity.
Portable KYC Remains Elusive Despite Digital Identity Growth in UAE, Europe, AsiaThe United Arab Emirates recently launched a national digital Know Your Customer platform under the oversight of the UAE Central Bank, aiming to standardize customer onboarding, streamline compliance checks and strengthen anti-money laundering enforcement.
Solar Energy Spurt Comes Freighted With Chinese Nation-State Hacking WorriesThe European Commission froze funding for solar energy projects that use crucial components from Chinese companies such as Huawei, due to cybersecurity fears. The decision affects projects being funded by the European Investment Bank and other partner banks.
Top European Court Advisor Says Policy Should Be 'Refund Now, Sue Later'Banks must promptly refund phishing victims when the scams lead to unauthorized transactions, an advisor to the European Union’s top court has said. The case in question involves an unnamed Polish woman who got duped on an online auction platform.
European Startup Acquisition Aims to Unify Technical and Financial Cyber InsightsThe acquisition of Intangic enhances Searchlight Cyber's ability to quantify and price cyber risk by leveraging AI and dark web intelligence. The combined platform will offer actionable third-party risk data for CISOs, CFOs and insurance providers to better understand and manage cyber exposure.
Experts Share Advice on Assessing Vendors, Next Steps for Non-Compliant CompaniesThe European Union's most comprehensive digital and cyber risk regulations for the banking industry are set to come into force on Jan. 17, but only about 20% of EU financial services firms are ready to comply. Experts discuss implementation challenges and offer advice for non-compliant FIs.
Also: Turla Targets European Missions and Google Patches Chrome Zero-DaysThis week, hackers used a Linus backdoor and a Microsoft client management tool; Santander Bank, the Helsinki Education Division, an Australian energy provider and auction house Christie's were breached; hackers targeted European missions in the Middle East; and Google patched a zero-day flaw.
McKinsey Predicts up to 15% Profit Increase, Gen AI Use in All Areas of BankingBloomberg, JPMC, European Central Bank, Morgan Stanley, NASDAQ, HDFC ERGO and Commonwealth Bank Australia are harnessing gen AI to enhance productivity and customer experience. Gen AI has the potential to reshape job roles, redefine customer interactions and create new business models.
Commission Says Close Company Connections Make Conditions Ripe for Merger InquiryThe European Commission took preliminary steps toward investigating Microsoft's financial interest in ChatGPT maker OpenAI under the trading bloc's antitrust regulation. The Tuesday announcement marks the second instance of official interest in Microsoft's investments in the generative AI firm.