MUMBAI: RBI Governor Shaktikanta Das on Friday said cybersecurity challenges are likely to diversify with the advent of AI and asked financial institutions to put in extra effort to protect customer information.
In his inaugural address at the RBI Ombudsman Annual Conference here, the Governor said regulated institutions act as repositories of data on financial transactions, customer interactions and business activities.
Mr. Das pointed out that with the increase in fraudulent transactions, it is important to strengthen monitoring systems and leverage technology to detect potential fraud before it occurs. “Continuing to focus on root cause analysis of consumer complaints can prevent such complaints from being raised repeatedly,” he said.
Cybersecurity challenges can expose consumers to identity theft, fraud, and unauthorized access to personal information, which can impact consumer confidence.
“Financial institutions must make significant efforts to protect customer information and quickly identify and address vulnerabilities that put customers at risk,” the Governor said. He further added that the litmus test for the activities of any institution or organization is the effectiveness of its grievance redressal mechanism.agency
In his inaugural address at the RBI Ombudsman Annual Conference here, the Governor said regulated institutions act as repositories of data on financial transactions, customer interactions and business activities.
Expanding
Mr. Das pointed out that with the increase in fraudulent transactions, it is important to strengthen monitoring systems and leverage technology to detect potential fraud before it occurs. “Continuing to focus on root cause analysis of consumer complaints can prevent such complaints from being raised repeatedly,” he said.
Cybersecurity challenges can expose consumers to identity theft, fraud, and unauthorized access to personal information, which can impact consumer confidence.
“Financial institutions must make significant efforts to protect customer information and quickly identify and address vulnerabilities that put customers at risk,” the Governor said. He further added that the litmus test for the activities of any institution or organization is the effectiveness of its grievance redressal mechanism.agency
