AI is speeding up hacks. Are banks in India and abroad ready? (opens the source in a new tab)
- An ET Prime analysis notes that India's CERT-In, in an October 15 advisory, saw attackers using AI agent AI software that takes actions on its own, like booking, buying or moving money, not just answering questions. go from first access to impact within hours, exploiting familiar gaps such as exposed credentials and excessive permissions.
- It argues bank boards should judge how fast they can spot and shut a breach, and tightly limit what fintech and payment partners can instruct.
- In the FT, Chicago Booth's Anil Kashyap calls the Binance hack a warning shot: an AI-aided breach of a major bank is a matter of when, and lightly overseen crypto could be the weak link.
- Hours
- from first access to impact, per CERT-In
Why it matters As UPI Unified Payments Interface: India's instant mobile payment system, run by NPCI., fintech apps and payment partners plug into banks, a lender's real defence is its slowest link and its slowest decision. That is invisible on a balance sheet, so depositors and shareholders rely on what banks choose to disclose.
Other side Banks are among the most watched and best-guarded firms, and AI strengthens defenders too. Years of warnings have passed without a crippling bank breach, so 'when, not if' may overstate the near-term odds.
What happened next
- CERT-In flags 'critical' AI-driven attacks on Indian banks, NBFCs and fintechs · 6 NovCERT-In raised its warning to critical on 4 November and issued AI security audit rules.