Cybersecurity stocks could be set for a massive boost from risks tied to Anthropic’s latest advances in artificial intelligence, stemming from the limited release of its newest AI model, known as Claude Mythos, which has stoked concerns in Washington and on Wall Street that a new generation of hackers could test the defenses of the country’s biggest banks.
Cybercrime Magazine (published by Cybersecurity Ventures), forecast global cybercrime costs could reach $12.5 trillion annually (by 2031) in theft, losses, data and system damages, and reputational harm.
Barron’s reports that banks are spending more to defend themselves against the growing risks that AI developments have injected into the cybersecurity mix.
JPMorgan Chase told investors recently that its technology budget will increase by around $2 billion this year, with more than half of that allocated to AI initiatives that include cyber threats.
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