RBI names AI-powered cyberattacks biggest threat to India's financial system
India's central bank, the Reserve Bank of India (RBI), just called out AI-powered cyberattacks as the biggest threat to India's financial system right now.
In its latest Financial Stability Report, the RBI said banks and non-banking financial companies (NBFCs) are most worried about these attacks, especially since digital services have grown so fast.
RBI warns AI cyberattacks, vendor dependence
The RBI warned that AI-driven hacks could cause major service disruptions, leak sensitive data, and even shut down payment systems, making people lose trust in their banks.
The report also pointed out that about 93% of respondents said they were partially or substantially dependent on external vendors for cybersecurity functions, which only adds to the risk.
While many banks are working on better cybersecurity, the RBI says there is still a lot of work to do to keep up with smarter attacks.