Indian banks must upgrade their technology architecture and build artificial intelligence-based defence systems to counter emerging cyber threats posed by AI tools, according to Praveen Kumar, MD & CEO of Barclays Global Service Centre India. Speaking at the CII Annual Business Summit in New Delhi on Monday, Kumar emphasized the critical need for modern technology infrastructure in the banking sector. As reported by The Week, Kumar stated that 'If AI is kind of launching an attack on your enterprise, you've got to have AI insight to counter that'. The call for modernisation comes as banks face increasingly sophisticated cyber threats that require AI-powered countermeasures.
According to Kumar's remarks, Indian banks currently operate with legacy infrastructure, outdated coding systems and multiple software versions, which make them vulnerable to cyber attacks and advanced AI models. He specifically highlighted that Anthropic's Claude models could potentially exploit weaknesses in outdated banking systems, with Kumar noting that 'With things like Anthropic's Mythos coming in, which will potentially exploit weaknesses of underlying systems'. This vulnerability underscores the immediate security risks facing the banking sector, as reported by The Week.
Kumar drew an analogy with modern warfare to explain the banking sector's defensive strategy. As reported by The Week, he stated that traditional war technologies may no longer be adequate against AI-driven threats, requiring banks to counter AI attacks with AI-powered defences. Using military terminology, Kumar explained that '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'. This approach emphasizes the need for banks to match AI-driven threats with equally sophisticated AI-based countermeasures.
The Barclays executive stressed the importance of moving to a much more consistent underlying technology architecture to ensure bank safety. According to Kumar's address during the session on 'The future of global capability centres in AI era', this technological modernisation is crucial for future security in the banking sector. As Kumar noted, 'How do you move to a much more consistent underlying technology architecture which will then keep the bank safe' represents the fundamental shift required to counter emerging AI cyber threats. This framework addresses the critical need for banks to upgrade their infrastructure to counter the evolving threat landscape.
