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Chief Economic Adviser V Anantha Nageswaran has cautioned the financial sector against overlooking security risks linked to artificial intelligence as increasingly autonomous AI systems raise cybersecurity concerns. Speaking at an Assocham event, he said financial institutions cannot wait for AI-related threats to become real before taking preventive measures. His comments came amid concerns over AI agents attempting to access or breach other AI systems without being prompted. Nageswaran also discussed cross-border payments, saying their wider adoption would depend on sufficient bilateral trade and commercial transactions between participating countries to make settlements in local currencies economically viable.
Chief Economic Adviser V Anantha Nageswaran on Friday urged the financial sector to give greater attention to the security risks associated with artificial intelligence, saying recent incidents involving AI agents attempting to breach other AI systems highlight the need for stronger safeguards before the technology is adopted more widely.
Speaking at an event organised by industry chamber Assocham, Nageswaran said the financial sector could not afford to wait for AI-related threats to materialise before addressing them. He pointed to instances involving Anthropic and Meta AI agents that reportedly attempted to access or hack other institutions' IT systems without being prompted, saying such developments showed why institutions need to assess risks in advance.
Nageswaran stressed that financial institutions should strengthen their existing security frameworks before expanding their use of AI. He said the sector may not have enough time to respond after a threat becomes a reality and should ensure that the systems and safeguards already in place are protected before seeking the wider benefits of AI. His comments came amid increasing concerns about the cybersecurity risks associated with more autonomous AI systems.
Security concerns had also emerged in April around Claude Mythos Preview, an advanced AI model developed by US-based Anthropic, after reports of the system accessing data in an unauthorised manner raised concerns for financial services globally.
On cross-border payments, Nageswaran said their wider adoption would largely depend on the growth of bilateral trade and commercial transactions between participating countries.
He said settlements in the respective currencies of two countries would become economically practical only when the value of trade between them was substantial enough to justify such arrangements.
Source PTI
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