AI-Powered Cyber-Attacks Extort $300 Million From Small NBFCs In 2 Months.
Recent cyber attacks have cost Indian NBFCs an estimated loss of $300 million, with around 150 fraud cases reported. The focus has shifted towards identifying Chinese hacking platforms and AI toolkit involvement in these incidents. Exploiting operational weaknesses, these cybercriminals are relentlessly launching their attacks, leading to urgent calls for NBFCs to strengthen their cyber security frameworks to fend off additional threats and protect their operations.