MUMBAI: RBI governor Shaktikanta Das on Friday stated that with the appearance of AI, cybersecurity challenges can rise manifold, and known as upon monetary establishments to dedicate substantial efforts to guard buyer info.
Regulated entities function repositories of knowledge on monetary transactions, buyer interactions, and operational actions, the governor stated in his inaugural deal with on the Annual Convention of RBI Ombudsman right here.
Das famous that with the rise in fraudulent transactions, it’s essential to strengthen monitoring techniques and use expertise to detect potential frauds earlier than they materialise. “Sustaining a concentrate on root trigger evaluation of client grievances may end up in stopping such complaints from arising repeatedly,” he stated.
Cybersecurity challenges can expose customers to identification theft, fraud, and unauthorised entry to non-public info, which may have an effect on client belief.
“Monetary establishments should dedicate substantial efforts to guard buyer info and make sure that vulnerabilities exposing prospects to danger are promptly recognized and addressed,” the governor stated. He additional added that the litmus take a look at of the working of any establishment or entity is the efficacy of its grievance redressal mechanism. companies
Regulated entities function repositories of knowledge on monetary transactions, buyer interactions, and operational actions, the governor stated in his inaugural deal with on the Annual Convention of RBI Ombudsman right here.
Das famous that with the rise in fraudulent transactions, it’s essential to strengthen monitoring techniques and use expertise to detect potential frauds earlier than they materialise. “Sustaining a concentrate on root trigger evaluation of client grievances may end up in stopping such complaints from arising repeatedly,” he stated.
Cybersecurity challenges can expose customers to identification theft, fraud, and unauthorised entry to non-public info, which may have an effect on client belief.
“Monetary establishments should dedicate substantial efforts to guard buyer info and make sure that vulnerabilities exposing prospects to danger are promptly recognized and addressed,” the governor stated. He additional added that the litmus take a look at of the working of any establishment or entity is the efficacy of its grievance redressal mechanism. companies
