Public sector banks are bracing up to increase IT spending in order to secure their systems, safeguard customer data, and protect monetary resources amid global concerns over Anthropic’s Claude Mythos AI tool and its potential implications for financial data security.
Mythos’ advanced coding capabilities give it an unprecedented potential to detect cybersecurity weaknesses and develop methods to exploit them, sparking concerns that it could be used to disrupt banking systems.
In view of this new challenge, banks have to definitely increase their investments in IT to make their system more robust and reduce vulnerabilities with regard to cyber attacks, Punjab & Sind Bank MD and CEO Swarup Kumar Saha told PTI.
He said the bank is going to increase its IT spending this financial year to meet the challenges posed by new technology.
Besides, UCO Bank MD and CEO Ashwani Kumar said the bank’s IT spending is going to be higher than last financial year, and a major part would go towards …