BOE's Bailey: UK Banks Still Don’t Have Access to Mythos

Why It Matters

Limited access to cutting-edge AI by UK banks heightens operational and systemic risk, exposes regulatory gaps, and underscores geopolitical dependence on US tech firms; timely, internationally coordinated testing is essential to secure financial stability.

Summary

Bank of England Governor Andrew Bailey said UK banks currently do not have access to Anthropic’s Mythos, underlining concerns about reliance on US-owned AI providers and the cross-border spillovers of cyber and operational risk. Bailey stressed the need for a coordinated international process to assess and mitigate risks, noting that other model providers exist and that major UK banks may soon gain access to alternatives. He said progress has been slowed in part by processes involving the US administration, and that any access pathway must be controlled but rapid to allow for assessment and urgent patching. The BoE is pushing for a fast, internationally governed mechanism to vet AI models used by critical financial institutions.

Original Description

Bank of England Governor Andrew Bailey said that British banks are still locked out of using Anthropic's Mythos, calling for a international approach to fighting cybersecurity threats