India's PNB hikes cybersecurity spend as AI models including Anthropic’s Mythos raise risks

By Nishit Navin and Ashwin Manikandan

BENGALURU/MUMBAI, May 5 (Reuters) - India's Punjab National Bank is stepping up investments successful cybersecurity and accelerating procurement ‌of exertion to defender against rising integer threats including those from ‌advanced AI models, a elder enforcement said connected Tuesday.

The country's 3rd largest state-run lender by marketplace ​capitalisation has earmarked astir 20% of its exertion fund for cybersecurity, oregon astir 7 cardinal to 8 cardinal rupees ($73.5 cardinal - $84 million) for the existent fiscal year, enforcement manager D Surendran told Reuters successful an interview, adding that this allocation is much ‌than 50% higher than ⁠the erstwhile year.

"We don't privation to compromise connected this benignant of expenditure," Surendran said, adding the slope volition summation the spending ⁠further if required.

PNB's determination comes amid heightened regulatory absorption connected risks emerging from precocious AI models including Anthropic's Mythos.

Last period India's concern curate Nirmala Sitharaman met with ​heads of ​top banks to gauge preparedness against ​AI-related cybersecurity risks. India's cardinal slope ‌has besides been successful talks with planetary regulators, lenders and authorities officials to recognize the imaginable risks, Reuters has reported.

PNB is besides fast-tracking purchases of information tools, including firewalls and different systems to code vulnerabilities, Surendran said.

"We person accrued our frequence of audit… present we person made our audit process 24/7 ‌so that the criticality volition beryllium identified fast," ​Surendran said.

PNB SEES SUSTAINED LOAN GROWTH

The New-Delhi based ​lender, earlier successful the day, ​posteda much than 14% emergence successful nett net to 52.25 ‌billion rupees, helped by steadfast indebtedness ​growth and improving plus ​quality.

Loans grew 12.7% year-on-year portion deposits roseate 9.2%.

The slope volition people 12-13% indebtedness maturation successful fiscal twelvemonth 2026/27, Surendran said, driven by recognition ​to tiny and medium-sized ‌enterprises and retail loans, helium said.

The slope expects deposits to turn astir ​9-10% for the year.

($1 = 95.2800 Indian rupees)

(Reporting by Nishit Navin ​and Ashwin Manikandan; Editing by Ronojoy Mazumdar)