Archive · 21 Jan 2026
RBI Deputy Governor Warns of Cyber Risks in Financial Sector
The RBI's deputy governor, Shirish Chandra Murmu, gave a speech warning about the risks in the financial sector.
He said that using lots of data and new technologies can be risky.
There aren't enough rules to cover all the new ways money is handled, and this can lead to problems.
He also warned that cyberattacks are a big risk because financial companies have lots of personal information.
He said that regulators need to be careful and make sure the rules are clear but not too strict.
RBI Deputy Governor Shirish Chandra Murmu warned about cyber risks and regulatory challenges in the financial sector.
The increasing use of models, algorithms, and code in finance can have limitations like explainability, embedded bias, and model drift.
Digital innovations like cloud and decentralized finance introduce new systemic risks due to interconnectedness with unregulated entities.
Regulatory oversight is often fragmented, with no single authority having a comprehensive view of the entire activity chain and risk transmission pathways.
Financial institutions are attractive targets for cyberattacks due to the vast amounts of sensitive personal and transactional information they collect and process.
- Who
- Shirish Chandra Murmu, RBI Deputy Governor
- What
- Warning about cyber risks and regulatory challenges in the financial sector
- When
- Speech delivered on January 9, released on Tuesday
- Where
- India
- Why
- To highlight the increasing risks associated with digital technologies and data in the financial industry
- Speaker
- Shirish Chandra Murmu, RBI Deputy Governor
- Date of Speech
- January 9
- Key Risks Highlighted
- Cyber threats, model limitations, systemic risks from digital innovations
- Regulatory Challenges
- Fragmented oversight, cross-cutting risks, need for balanced regulation
- Emerging Threats
- Fraudulent activities, distorted information, reduced reliability of traditional checks