The contours of a cogent framework to address data and cybersecurity risks in the financial sector
The rapid adoption of AI and machine learning in finance has heightened cyberattack risks, as seen in the Bank of Baroda data breach. This incident exposed customer documents on the dark web, highlighting vulnerabilities in interconnected financial ecosystems. Policymakers are responding, with the Reserve Bank of India mandating banks to assess and address these risks by submitting action plans by June 2024.