FM Sitharaman Flags 'Unprecedented' Threat From Anthropic's Mythos AI Model

Amid the rising emerging issues linked to "Mythos" Finance Minister Nirmala Sitharaman on Thursday flagged the 'unprecedented' threats from Anthropic's AI model. She also advised the Indian Banks' Association (IBA) to develop mechanism to respond to threats.

"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," said Sitharaman.

The Finance Minister also directed banks to engage in best available cybersecurity professionals and agencies to strengthen monitoring capabilities of banks. In addition she advised Banks to immediately report suspicious activities to authorities.

Sitharaman urged banks to establish mechanism for real-time threat intelligence sharing with CERT-In and agencies. This comes after she chaired a high-level meeting with banks and key stakeholders to assess the potential impact of emerging issues linked to "Mythos" on India's fast-growing fintech ecosystem, according to sources familiar with the matter.

ALSO READ: FM Sitharaman Chairs Meeting On Mythos Impact On Indian Fintech Ecosystem: Sources

The meeting with PSBs on cybersecurity and AI was also attended by Ministry of Electronics and IT officials, DFS Secy and CERT-In officials. The meeting comes amid rising concerns within the financial sector over disruptions and risks associated with Mythos, prompting the government and regulators to step in for a closer evaluation. Officials indicated that the discussion focused on understanding the nature of the issue, its transmission channels within the banking and fintech landscape, and any possible systemic implications.

Sources added that the finance minister emphasised the need for coordinated action between banks, fintech firms and regulatory bodies to maintain trust in the system. Ensuring consumer protection and safeguarding transaction integrity were key themes during the discussions.

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