To combat the rising tide of AI-driven cyber threats, Indian banks must urgently modernise their technology and implement robust artificial intelligence defence systems, according to Barclays India CEO.
Key Points
- Indian banks face increasing cyber threats from advanced AI tools.
- Outdated technology infrastructure makes banks vulnerable to AI-driven attacks.
- Banks need to modernise their technology architecture for better security.
- AI-based defence systems are crucial to counter AI cyber attacks.
- Consistent technology architecture is essential to keep banks safe from emerging threats.
Indian banks need to modernise their technology architecture and build artificial intelligence-based defence systems to counter emerging cyber threats posed by AI tools, Barclays Global Service Centre India, MD & CEO Praveen Kumar said on Monday.
Speaking at the CII Annual Business Summit here, Kumar said banks have legacy infrastructure, outdated coding systems and multiple software versions, which make them vulnerable to cyber attacks and advanced AI models such as Anthropic’s Claude models could potentially exploit weaknesses in outdated banking systems.
The Vulnerability of Outdated Banking Systems
“With things like Anthropic’s Mythos coming in, which will potentially exploit weaknesses of underlying systems … How do you move to a much more consistent underlying technology architecture which will then keep the bank safe,” he said.
AI as a Defence Against Cyber Warfare
Drawing an analogy with modern warfare, Khanna said traditional war technologies may no longer be adequate against AI-driven threats.
“These days, if you have missiles coming in your way, you have to counter them with missiles from your side. You cannot fire with traditional weapons. So if AI is kind of launching an attack on your enterprise, you’ve got to have AI insight to counter that,” Kumar said, addressing a session on ‘The future of global capability centres in AI era.
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