BIS Warns AI Shortens Banks' Vulnerability Repair Time to Minutes

The Bank for International Settlements (BIS) has released a report stating that advanced AI technologies have reduced the time window for banks to fix vulnerabilities before attackers exploit software flaws to just minutes. The report highlights that the main change brought about by cutting-edge AI is the autonomous discovery and exploitation of vulnerabilities, making periodic security assessments and scheduled patch updates insufficient to meet this challenge. Financial institutions need to accelerate their software repair processes and expedite related authorization decision-making to enhance their response capabilities.