New Delhi:
Amid growing concerns over emerging risks linked to advanced artificial intelligence systems, Finance Minister Nirmala Sitharaman on Thursday warned banks about the “unprecedented” threats posed by the latest AI model developed by Anthropic, identified as Mythos.
Addressing members of the Indian Banks’ Association (IBA), the Finance Minister stressed the urgent need for heightened vigilance and stronger coordination across financial institutions to counter potential cybersecurity risks.
“The nature of the emerging threat from the latest AI model is unprecedented and requires a very high degree of vigilance, preparedness and better coordination across financial institutions and banks,” Sitharaman said.
Banks Asked To Strengthen Cyber Monitoring Systems
During the meeting, Sitharaman directed banks to engage top cybersecurity professionals and agencies to enhance monitoring capabilities and safeguard sensitive financial infrastructure.
She also advised banks to immediately report suspicious digital activity to authorities, warning that delays in reporting could increase systemic risk across the financial network.
Additionally, banks were urged to establish robust mechanisms for real-time threat intelligence sharing with key national cybersecurity bodies, including CERT-In.
High-Level Meeting Focused On Fintech Risks
The remarks came after Sitharaman chaired a high-level meeting involving public sector banks (PSBs), senior government officials, and key stakeholders from the financial and technology sectors.
The meeting was attended by officials from:
- The Ministry of Electronics and Information Technology
- The Department of Financial Services (DFS)
- Cybersecurity authorities from CERT-In
According to sources familiar with the discussions, the meeting focused on assessing the potential risks associated with Mythos, particularly its possible impact on India’s rapidly expanding fintech ecosystem.
Officials reviewed:
- The nature of emerging AI-driven threats
- Potential transmission channels within banking and fintech networks
- Possible systemic vulnerabilities that could affect financial stability
Focus On Consumer Protection And System Integrity
Sources indicated that Sitharaman emphasised the need for close coordination among banks, fintech companies and regulatory authorities to maintain public confidence in digital financial systems.
Ensuring consumer protection and safeguarding the integrity of financial transactions were identified as top priorities during the discussions.
Authorities also stressed that coordinated action between financial institutions and regulators would be essential to prevent disruptions and protect customer data from emerging AI-enabled threats.
Why ‘Mythos’ Has Triggered Concern
The emergence of highly advanced AI systems such as Mythos has raised alarms within financial circles due to their potential ability to:
- Automate complex cyberattacks
- Exploit digital vulnerabilities at scale
- Manipulate data systems
- Disrupt financial transactions
With India’s fintech sector witnessing rapid growth, policymakers are increasingly focusing on proactive safeguards to ensure resilience against evolving digital threats.