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Knews Desk– With the increasing use of Artificial Intelligence (AI), cyber crimes are also developing rapidly. Now hackers are trying to launch more complex and dangerous attacks on banking systems by using AI based techniques instead of traditional methods. In view of this threat, the Indian banking sector has taken a big step towards strengthening cyber security. According to the information, the banks of the country have identified 25 Original Equipment Manufacturers (OEMs), with whom work will be done to reduce cyber risks to AI and strengthen the security framework.

This initiative comes at a time when the Reserve Bank of India (RBI) has included AI-based cyber threats among the biggest systemic risks to the country’s financial sector. Banking experts believe that with the help of AI, cyber criminals can carry out activities like phishing, data theft, fake identities and network breaching with greater speed and accuracy than before. In such a situation, traditional cyber security measures alone are no longer sufficient. According to sources, the software, hardware and applications of the 25 OEMs that have been identified are already being used in many banks. Together with these companies, it will be ensured that potential technical weaknesses present in the banking system are identified in time and can be removed. Along with this, AI based security solutions will also be developed, which will help in predicting possible cyber attacks and preventing them.

A special working group is also working in this direction under the leadership of State Bank of India (SBI). The group includes representatives from the Finance Ministry, Reserve Bank of India (RBI), National Payments Corporation of India (NPCI), Indian Computer Emergency Response Team (CERT-In) and nine major banks. This group is preparing a comprehensive security framework, so that banks can make their cyber security system more effective and can identify the risks to AI and take necessary steps in time. Banking sector officials say that all banks have been instructed to reduce the “attack surface” of their networks. Under this, strategies like deployment of defensive AI agents, constant monitoring of the network, regular security audits and periodic review of security measures are being worked on. The objective of these measures is to detect any cyber attack at an early stage and prevent it effectively.

Recently, a working paper released by the National Institute of Banking Management (NIBM) also warned that even if a bank’s internal security controls are strong, its supply chain can become its biggest weakness. If a weak vendor, fintech partner or cloud service provider becomes a victim of a cyber attack, it can directly impact the banking system. The report also says that sometimes banks are not aware of which open source components, AI generated code or third party libraries are included in the software they are using. If any security flaw exists in these, then the same weakness can affect many banks and institutions simultaneously. Experts believe that both the number and complexity of AI-based cyber attacks will increase in the future. In such a situation, strong monitoring, cooperation and timely security updates along with technology will prove to be the most effective strategy to keep the banking system secure.