Adopt risk-based supervision, zero-trust approach to curb cyberfrauds: RBI

Mumbai: The Reserve Bank on Monday made a case for adopting risk-based supervision, zero-trust approaches and AI-aware defense strategies to tackle online frauds and boost cybersecurity resilience in the financial sector.

The central bank flagged that phishing and social engineering attacks are evolving through generative AI-powered methods, such as deepfakes and contextual frauds.

“The expanding scale of digital financial services, cloud-based infrastructure and interconnected systems across sectors has exponentially increased the cyberattack surface,” said the RBI’s bi-annual the Financial Stability Report (FSR).