RBI Governor warns of cyber security risks of AI in finance. Amid technological innovation calls for stronger protections to keep consumer data safe. Be careful!
RBI Governor Shaktikanta Das addressed cyber security challenges at the RBI Ombudsman Conference, cautioning against adopting AI without strong safeguards. He highlighted the risks to consumer data security, stressing the need for vigilance.
The governor warned about identity theft, fraud, and unauthorized access, urging financial institutions to prioritize protecting customer information. He emphasized the importance of proactive measures to mitigate potential threats and maintain data integrity. Despite the risks, Governor Shaktikanta Das recognizes the transformative potential of AI in enhancing customer service and preventing fraud. He advocated for the benefits of data analytics to anticipate customer demand and streamline processes.
RBI Governor Shaktikanta Das’s comments coincide with the government’s focus on AI deployment and regulation, including the clearance of the IndiaAI mission. Regulatory systems like MeitY’s advice on deploying AI models aim to ensure responsible use of the technology. As AI integration expands, cyber security measures are critical, reinforcing RBI’s call for proactive protection.
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