ECB Tells Euro-Area Banks to Draw Up Plans Against Frontier AI Cyber Threats

The European Central Bank (ECB) plans to formally require the euro-area banks it supervises to draw up measures against cyber threats posed by frontier AI, the most advanced large language models. The move was outlined by Frank Elderson, ECB Executive Board member and Vice-Chair of the Supervisory Board, in a keynote speech at the Goldman Sachs European Financials Conference on June 3, 2026. The ECB intends to press banks via a formal letter to their CEOs (a "dear CEO letter") and to follow up with individual institutions.