Emerging Cyber Threats in the BFSI Sector

A recent government-initiated report has highlighted the increasing dangers of deep fake and AI-generated content attacks within the Banking, Financial Services, and Insurance (BFSI) sector. The study, a collaborative effort by CERT-In, CSIRT-Fin, and SISA, points to a sophisticated rise in cyber threats that could have systemic effects.

The Surge in Phishing and AI-Driven Attacks

The first half of 2024 witnessed a staggering 175% increase in phishing attacks targeting the Indian financial sector. The report predicts that by 2025, AI-driven cyber-attacks will become one of the most scalable and adaptable threats, challenging conventional defense mechanisms.

Deep Fakes: A New Tool for Cyber Intrusion

With advancements in deep fake technology, attackers are now capable of creating highly realistic audio and video content. This technology is being used in social engineering attacks to deceive individuals into revealing sensitive information, such as one-time passwords for multi-factor authentication.

Supply Chain Vulnerabilities and LLM Prompt Hacking

The report also warns of the exploitation of vulnerabilities in software development processes and the manipulation of Large Language Models (LLMs) to induce harmful behaviors. Quantum computing is identified as a potential threat to existing encryption algorithms, with crypto emerging as a new frontier for cyber threats.