The European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA) have published a joint statement about the rises that may arise for the financial sector from frontier AI models. In the statement, EBA, EIOPA and ESMA call for a cross-sectoral, risk-based and consistent supervisory approach to detect and limit ICT risks.
They focus on measures for financial entities to strengthen their operational resilience, especially in preventing, detecting and managing cyber risks linked to modern AI models. The ESAs emphasis the significance of sound governance and risk management structures as well as supervision of critical ICT third-party service providers under the Digital Operational Resilience Act (DORA).
The full statement can be found on the EBA website at: EBA, EIOPA and ESMA Press Release