RBI asks banks to disclose cybersecurity measures with fintech partners
Business
The Reserve Bank of India (RBI) is cracking down on banks' cybersecurity, especially after some big digital breaches hit the headlines.
With cyber threats and AI-powered attacks on the rise, RBI now wants banks to show exactly how they're protecting your money, especially when working with fintech partners.
API breaches exploited loan disbursal connections
Recent hacks, like the State Bank of India's data leak affecting 3,900 customers and a $2 million loss at Mumbai lenders, happened because hackers broke in through API connections used for things like loan disbursals.
So now, RBI is making API security a top priority.
This move also lines up with what global regulators are doing as everyone tries to stay ahead of AI-driven cyber risks in banking.