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IBA working on structured cyber-incident information sharing as AI attacks emerge: Setty

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IBA working on structured cyber-incident information sharing as AI attacks emerge: Setty

IBA working on structured cyber-incident information sharing as AI attacks emerge: Setty

State Bank of India Chairman and Indian Banks’ Association Chairman CS Setty said the banking industry is working on structured information sharing around cyber incidents as AI-led attacks emerge, with banks, regulators and security agencies needing to act collectively to contain evolving threats.

* IBA working on structured information sharing on cybersecurity incidents * Setty says incidents should be shared immediately across banks, regulators and security agencies * AI-led attacks are a growing concern as digitalisation expands the banking sector’s “attack surface area” * Recent incidents at Bank of Baroda, AU Small Finance Bank and Spandana Sphoorty highlight the evolving cyber-risk landscape

State Bank of India (SBI) Chairman and Indian Banks’ Association ( IBA ) Chairman CS Setty said the banking industry is working on structured information sharing around cybersecurity incidents following a recent cyber incident at SBI, as the increasing use of artificial intelligence (AI) is creating new risks for banks. SBI is still conducting a root-cause analysis of the incident to identify the vulnerabilities that led to the breach and the remediation required. The bank has also undertaken a comprehensive cybersecurity drill, including API and vulnerability assessments. SBIhad received alerts on October 16 from its threat intelligence service provider, the Defence Cyber Agency and the Indian Computer Emergency Response Team (CERT-In) about suspected exposure of customer data on the dark web. A preliminary analysis of around 375,000 records found online identified 3,897 customer records containing personally identifiable information.


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