Govt forms panel under SBI chief to assess risks from AI platform Mythos

The Centre has constituted a high-level panel under Challa Sreenivasulu Setty to assess potential risks posed by the artificial intelligence platform Mythos to India’s banking system. The announcement was made by Union Finance Minister Nirmala Sitharaman The panel, operating under the State Bank of India chief who also heads the Indian Banks’ Association, will evaluate vulnerabilities and recommend mitigation strategies. The move follows rising global concerns over advanced AI systems capable of identifying weaknesses in financial networks and potentially enabling cyberattacks.Sitharaman said banks will engage in extensive consultations over the coming weeks to understand emerging threats and determine areas requiring additional investment and technological upgrades. She emphasised that AI itself could be leveraged to counter such risks.The development comes after a high-level government meeting attended by IT Minister Ashwini Vaishnaw and senior officials. Authorities acknowledged that limited information is currently available about Mythos, but its advanced capabilities have sparked concern worldwide.Global regulators across Asia, Europe and the United States have already advised financial institutions to strengthen cybersecurity frameworks. Experts warn that banking systems, due to their interconnected nature and reliance on legacy infrastructure, remain highly vulnerable.A successful cyberattack exploiting such AI tools could trigger cascading disruptions across payments, markets and financial institutions, making proactive assessment and preparedness critical for safeguarding the sector.