Australia’s corporate regulator has urged the country’s financial sector to take urgent action on tackling potential cyber risks from frontier AI systems such as Mythos. The Australian Securities and Investments Commission on Friday published a letter sent to the financial services industry saying greater action needed to be taken to ensure cybersecurity practices were as strong as possible. ASIC Commissioner Simone Constant said the regulator had realized preparedness of Australian financial services organizations varied widely, but more work needed to be done to keep pace with frontier AI changes. Related: White House Prepares Order to Boost AI Security, Hassett Says “It’s always been the case that we have said you need to look at your end-to-end risk profile, your aggregate risks and vulnerabilities,” Constant told Reuters. “But instead of having a 12-month time horizon, there is now the potential for those risks to emerge incredibly quickly. “The worry is someone in a garage somewhere, not a state-based actor, can bring those things together quickly and weaponise them.” Macquarie chief executive Shemara Wikramanayake said the bank was working on substantial technology programs to test its potential risks against frontier AI models. Related: ‘The Arms Race Is On’: Chubb’s Greenberg on Mythos, Middle East “You don’t just press a button and find these vulnerabilities and Mythos has found a lot of vulnerabilities that have been there for years in so many things,” she said in an interview. “The risk for the world is if others manage to replicate that before they roll out protection.” Figuring Out Vulnerabilities Anthropic has launched Claude Mythos Preview under Project Glasswing, a tightly restricted access program that includes major technology firms such as Amazon, Microsoft, Nvidia and Apple. Wikramanayake said while Anthropic was working with some of the world’s largest companies to test Mythos, major businesses not