AI raises cybersecurity dangers: RBI governor – Occasions of India

MUMBAI: RBI governor Shaktikanta Das on Friday stated that with the arrival of AI, cybersecurity challenges can rise manifold, and referred to as upon monetary establishments to dedicate substantial efforts to guard buyer data,
Regulated entities function repositories of knowledge on monetary transactions, buyer interactions, and operational actions, the governor stated in his inaugural tackle on the Annual Convention of RBI Ombudsman right here.
Das famous that with the rise in fraudulent transactions, it’s important to strengthen monitoring methods and use expertise to detect potential frauds earlier than they materialize. “Sustaining a give attention to root trigger evaluation of client grievances can lead to stopping such complaints from arising repeatedly,” he stated.
Cybersecurity challenges can expose customers to identification theft, fraud, and unauthorized entry to non-public data, which might have an effect on client belief.
“Monetary establishments should dedicate substantial efforts to guard buyer data and make sure that vulnerabilities exposing prospects to threat are promptly recognized and addressed,” the governor stated. He additional added that the litmus check of the working of any establishment or entity is the efficacy of its grievance redressal mechanism. businesses