Amid rising concerns over next-generation artificial intelligence risks, the government has initiated a coordinated response involving banks and technology stakeholders to evaluate potential threats and strengthen safeguards.
Union Finance Minister Nirmala Sitharaman on Friday said a panel has been set up under SBI Chairman C S Setty, who also heads the Indian Banks’ Association, to assess risks arising from the AI platform Mythos and suggest mitigation measures.
She stated that banks will engage in extensive discussions over the coming weeks to understand emerging threats and identify areas requiring additional investments. “In the coming weeks, there will be a lot of interaction within the banks, understanding where more investments will have to be made, what kind of technologies can come in, how AI itself can be used for countering this AI born challenge,” Sitharaman said on the sidelines of an event to inaugurate SBI’s newly created local head office.
Government, banks step up coordination
The move follows a high-level meeting held on Thursday involving senior government officials, including the IT Minister and top banking representatives.
Sitharaman noted that very little is currently known about Mythos, with only a limited number of users having tested the system so far. The platform is being speculated to bring significant changes to computing.
She added that while banking systems have so far been able to protect customers effectively, existing safeguards may not be enough to tackle newer AI-driven threats. The Ministry of Electronics and IT is also engaging with global governments and technology firms to better understand the issue.
Global concerns over Mythos AI
Mythos, developed by Anthropic, has triggered global debate due to its potential to identify weaknesses in operating systems and carry out cyberattacks. Its advanced coding capabilities could allow it to detect cybersecurity gaps and exploit them, raising fears of disruption in banking systems.
Regulators across Asia, Europe, and the US have already advised banks to review their defence systems and preparedness.
Banking system vulnerabilities
Financial institutions are particularly exposed due to their high level of interconnectedness across payments, markets, and clearing systems, along with reliance on legacy IT infrastructure operating in real time.
A single successful cyberattack can quickly spread across institutions and markets, as banks are linked through domestic and global systems involving payments, forex trading, money markets, stock exchanges, depositories, and payment gateways.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream LinkedIn | The Mainstream Facebook | The Mainstream Youtube | The Mainstream Twitter
About us:
The Mainstream is a premier platform delivering the latest updates and informed perspectives across the technology business and cyber landscape. Built on research-driven, thought leadership and original intellectual property, The Mainstream also curates summits & conferences that convene decision makers to explore how technology reshapes industries and leadership. With a growing presence in India and globally across the Middle East, Africa, ASEAN, the USA, the UK and Australia, The Mainstream carries a vision to bring the latest happenings and insights to 8.2 billion people and to place technology at the centre of conversation for leaders navigating the future.
