Indian Finance Minister Urges Banks to Strengthen Defenses Against AI Threats
‘Mythos’ AI threat: FM tells banks to build stronger defences
The Economic Times
Image: The Economic Times
Indian Finance Minister Nirmala Sitharaman has called on banks to enhance their defenses against emerging AI-led cyber risks associated with 'Mythos'. Following a high-level meeting with key stakeholders, she announced that State Bank of India Chairman C S Setty will spearhead an initiative to improve cybersecurity preparedness.
- 01Nirmala Sitharaman emphasizes the need for stronger cybersecurity in banks.
- 02The initiative is in response to potential AI-led cyber threats linked to 'Mythos'.
- 03C S Setty, Chairman of State Bank of India, will lead the coordination efforts.
- 04The meeting included representatives from RBI, NPCI, and CERT-In.
- 05The focus is on building versatile defenses to mitigate emerging risks.
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In a recent statement, Indian Finance Minister Nirmala Sitharaman highlighted the urgent need for banks to bolster their defenses against AI-related cyber threats, particularly those associated with a framework called 'Mythos'. This directive came after a high-level meeting that included key figures such as Ashwini Vaishnaw, the Reserve Bank of India (RBI), the National Payments Corporation of India (NPCI), and the Computer Emergency Response Team (CERT-In). To coordinate the preparedness efforts, SBI Chairman C S Setty has been appointed to lead the initiative driven by the Indian Banks' Association (IBA). The aim is to ensure that Indian banks are equipped to handle the evolving landscape of cybersecurity risks posed by advancements in artificial intelligence.
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Strengthening cybersecurity measures will help protect customers' financial data and maintain trust in digital banking systems.
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