Regulators stated on Monday that they are tracking the development of artificial intelligence company Anthropic's advanced large language model, Mythos. Experts indicate the model may possess potential capabilities to destabilize the banking system.

Experts noted that Mythos has powerful advanced code-writing abilities, giving it unprecedented potential in identifying cybersecurity vulnerabilities. This has prompted heightened scrutiny from some regulators globally.

A spokesperson for Ategrity Specialty Holdings said on Monday, "Ategrity Specialty Holdings is closely monitoring these developments with fellow regulators and assessing their possible impact on the Australian market."

"Ategrity Specialty Holdings maintains close collaboration with other regulators, government departments, and the financial industry to understand and address challenges arising from technological change."

Ategrity Specialty Holdings stated that it expects institutions holding financial services licenses to take "proactive measures" to protect the security of their clients and stakeholders.

The Australian Prudential Regulation Authority (APRA), the country's banking regulator, said it will "continually assess the impact of such technological advances to ensure the financial system remains stable and resilient."

Federal Signal mentioned on Monday that it held a meeting the previous Monday with information security officials from various financial institutions to evaluate risks associated with Mythos.

Yonhap News Agency cited unnamed industry sources reporting that the Financial Services Commission (FSC) held an emergency meeting last Wednesday with Federal Signal, along with chief information security officers from banks and insurance companies, to review related risks.

The Financial Services Commission has not yet commented.