Artificial intelligence-enabled cyberattacks have emerged as the biggest near-term cyber risk facing India's financial system, with banks and non-banking finance companies (NBFCs) identifying them as their top concern over the next 12 months, the Reserve Bank of India (RBI) said in its latest Financial Stability Report (FSR) released on Tuesday.
The central bank said cyber risk has become an increasingly important financial stability concern as rapid digitalisation has expanded the attack surface for malicious actors, exposing financial institutions to service disruptions, data breaches and payment system outages that could undermine public trust.
