The advent of AI has not only made our lives easier but it has also brought with it many challenges. Due to this many cyber frauds are also happening. Regarding the increasing cyber security challenges of AI, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday that cyber security challenges can increase manifold due to AI. Along with this, he asked the financial institutions to make adequate arrangements for the security of customer information. Das, in his inaugural address at the annual conference of the RBI Ombudsman here, said regulated entities maintain data related to financial transactions, customer interactions and operational activities. He said, “This vast store of data contains a unique opportunity to improve customer service through data analysis.”
Das said that by harnessing the power of data analytics, regulated entities can better anticipate customer needs, resolve issues promptly and streamline processes. He said that as fraudulent transactions increase, it is important to strengthen monitoring systems and use technology to detect potential frauds.
Das said that with the advent of AI, cyber security challenges can increase manifold. This could lead to unauthorized access to personal information, which could affect consumer trust. With language input.
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