PNB Steps Up Cybersecurity Spending as AI Risks Rise

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Punjab National Bank (PNB) has raised its cybersecurity budget by more than 50% for the current financial year, Reuters reported, as the state-run lender strengthens its digital defenses against cyber risks linked to advanced artificial intelligence systems.

The bank has earmarked nearly 20% of its technology spending, or about ₹700 crore to ₹800 crore, for cybersecurity, the report said, citing Executive Director D. Surendran.

The allocation could rise further if threat levels increase.

“We don’t want to compromise on this kind of expenditure,” Surendran told Reuters.

The increase comes as Indian financial regulators step up scrutiny of risks from advanced AI models, including Anthropic’s Claude Mythos Preview, which has drawn attention for its ability to identify software vulnerabilities.

PNB is also accelerating the purchase of firewalls and other security systems while moving to round-the-clock audits to detect vulnerabilities faster.

“We have increased our frequency of audits… now we have made our audit process 24/7 so that the criticality will be identified fast,” Surendran told Reuters.

The cybersecurity push comes as the New Delhi-based lender reports steady growth.

PNB on Tuesday reported a 14.4% year-on-year rise in fourth-quarter net profit to ₹5,225 crore, supported by loan growth and improved asset quality.

The bank expects credit growth of 12% to 13% in FY27, led by lending to small businesses and retail borrowers, while deposits are projected to grow 9% to 10%.