Indian banks rush to meet RBI June 30 AI deadline
Business
Indian banks are in a hurry to meet the Reserve Bank of India's (RBI) June 30, 2026, deadline to spot and fix cybersecurity gaps.
After new rules dropped in April, banks now have to build solid artificial intelligence, or AI, security frameworks to tackle risks from advanced AI models like Anthropic's Claude Mythos.
Since most banks aren't experts in AI yet, big consulting firms like EY and BCG have jumped in to help.
Banks faced 493,000 attacks last year
Banks saw more than 493,000 cyberattacks last year, more than twice as many as in 2022, with each breach costing an average of $2.5 million to recover from.
As BCG's Deep Narayan Mukherjee points out, AI has made it cheaper for hackers, so even small mistakes can lead to big losses if banks don't step up their game.