India's PNB hikes cybersecurity spend as AI models including Anthropic’s Mythos raise risks
Punjab National Bank (PNB) is increasing its cybersecurity spending to 7-8 billion rupees ($73.5-84 million) for the current financial year, over 50% higher than the previous year, due to rising digital threats from advanced AI models. PNB is also fast-tracking purchases of security tools and increasing the frequency of its audit process to 24/7.
Punjab National Bank (PNB) is stepping up investments in cybersecurity to guard against rising digital threats, including those from advanced AI models. The bank has earmarked 7-8 billion rupees ($73.5-84 million) for cybersecurity in the current financial year, over 50% higher than the previous year. PNB is also fast-tracking purchases of security tools, including firewalls, to address vulnerabilities. The bank has increased its audit frequency to 24/7 to quickly identify critical issues. India's finance minister recently met with top bank heads to gauge preparedness against AI-related cybersecurity risks. PNB reported a 14% rise in net profit, driven by healthy loan growth and improving asset quality.
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