Need to be prepared for new cyber security risks, says RBI DG Rabi Sankar

Reserve Bank of India's Deputy Governor T. Rabi Sankar

India's banking sector needs to prepare for new cyber security risks, T Rabi Sankar, Deputy Governor at the Reserve Bank of India (RBI), said on Fenruary 9.

"We would be required to be prepared for the new cyber security risks. We need to think of customer convenience and other things and we need to provide services," Sankar said at the 19th Banking Technology Conference in Mumbai.

Sankar highlighted that banks may have to completely rebuild their encryptic systems to understand the risks of artificial intelligence (AI).

"We also need to understand the problems with AI. And the ability to crunch huge data in a short time, you would have to completely rebuild encryptic system today," Sankar said.

On the need to upskill, Sankar said that banks will have to focus on upskilling their employees.

"Think about skilling your employees in the way they continue to remain relevant. Lot of focus needs to be given on that," Sankar said.

(This is a developing story, please come back for more updates)