AI increases cybersecurity challenges FIs: RBI Guv
Says that by harnessing the power of data analytics, regulated entities can proactively anticipate customer needs
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Financial Institutions must dedicate substantial efforts to protect customer information and ensure that vulnerabilities exposing customers to risk are promptly identified and addressed -- Shaktikanta Das, Governor, RBI
Mumbai: Reserve Bank Governor Shaktikanta Das on Friday said that with the advent of artificial intelligence (AI), cybersecurity challenges can rise manifold, and called upon financial institutions (FIs) to dedicate substantial efforts to protect customer information.
Regulated entities serve as repositories of data on financial transactions, customer interactions, and operational activities, the governor said in his inaugural address at the Annual Conference of RBI Ombudsman here. “Within this extensive repository lies a unique opportunity to enhance customer service through robust data analysis,” he said.
By harnessing the power of data analytics, Das said regulated entities can proactively anticipate customer needs, address issues promptly, and streamline processes. A data-driven approach would not only optimise operational efficiency but also reinforce the commitment to providing exemplary customer service.
