Australia Regulator Threatens Enforcement for Poor AI Controls

Australia’s top prudential regulator said it will take action against companies that fail to adequately control cybersecurity threats, as concerns within the industry mount over Anthropic PBC’s latest AI model Mythos.

The Australian Prudential Regulation Authority is finalizing a plan to supervise artificial intelligence risks, following a review of banks, insurers and retirement funds conducted late last year that identified several shortcomings. These include information security practices struggling to keep pace with AI threats and over-reliance on third party AI vendors, according to the regulator.

“Where entities fail to adequately identify, manage or control AI risks in a manner ...