At the Risk Management Summit organized by the Indian Banks’ Association in Mumbai, M Nagaraju (Financial Services Secretary) warned the banking sector about the potential risks associated with the Anthropic Mythos AI model. He stated that banking risks now extend beyond traditional financial metrics to include geopolitical developments and cyber threats. Nagaraju emphasized that a single successful cyber-attack could have cascading effects across institutions and markets, urging banks to prepare for the possibility of Mythos being publicly released in India. He highlighted the importance of operational continuity for financial stability and called for continuous testing of resilience, strengthening incident response, and investing in cyber capabilities. CS Setty, chairman of the State Bank of India, echoed these concerns, noting that banks are prime targets for sophisticated cyber-attacks. He stressed the need for robust vendor governance and oversight, as vulnerabilities in the broader ecosystem could lead to systemic exposure. Nagaraju also mentioned that despite challenges like the Russia-Ukraine war and supply chain issues, the Indian economy remains on a growth trajectory, potentially exceeding 9% growth without these disruptions.