Indian banks significantly boost IT security spending amid AI threats. Public sector banks are ramping up cybersecurity investments to combat risks from advanced AI tools capable of detecting system vulnerabilities. Finance Minister Nirmala Sitharaman has urged banks to take preemptive measures to secure their systems and protect customer data. Major banks including Punjab & Sind Bank and UCO Bank are increasing IT budgets this financial year, with cybersecurity as a priority. Industry experts warn that banks must shift from viewing IT spending as operational cost to viewing it as essential survival expense. The timeline between vulnerability disclosure and weaponization has compressed from nineteen days in 2023 to under seventy-two hours today, creating urgent pressure for financial institutions to strengthen defenses and safeguard monetary resources against evolving cyber threats.
