AI-enabled cyber attacks biggest near-term challenge for banks, says RBI

The RBI has identified AI-enabled cyber attacks as the biggest near-term cyber threat facing India’s banking system. While banks have strengthened cyber risk management practices, the central bank said employee awareness, forensic preparedness and incident response capabilities require further improvement

Mumbai: Artificial intelligence-enabled cyber attacks were classified as the “most important” near-term cyber threat for the Indian banking system by the RBI on Tuesday.

The RBI said it undertook a survey on the system’s preparedness, which revealed that financial institutions have established robust practices in cyber risk management, particularly vulnerability assessment and penetration testing of critical information systems.

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