Deepfakes have emerged as both a fascinating and concerning facet of today’s digital world. These digitally manipulated videos or images, created using artificial intelligence (AI), can convincingly depict individuals saying or doing things they never did. Considering the risks associated with deepfakes and seeing its potential to be used in fraud schemes and social engineering attacks, the government has asked banks to be ready to handle such fake clips.
Notably, criminals could exploit the trust built through synthetic videos to deceive individuals into providing sensitive information or carrying out malicious activities. According to a report by Times of India, the Ministry of Finance has asked banks to include cyber risks while conducting stress tests to gauge their vulnerability.
Speaking at the SBI Economic Conclave, Financial Services Secretary Vivek Joshi said as per the report, “The government has taken critical steps to ensure that robust cybersecurity systems are put in place. Banks need to move a notch up and include stress testing of cyber risk assessment to gauge the impact if any cyberattack happens.”
He further added that the need of the hour is to think big and bold, while ensuring that execution remains timely and robust. “Banks and financial institutions should reassess on whether their goal should include hand-holding and support for private conceptualisation and structuring,” he added.
The rise of deepfake technology presents a complex challenge that requires a multifaceted response. Navigating the landscape of deepfakes demands a collaborative effort involving technology experts, policymakers, and the general public to ensure the responsible development and deployment of AI in the digital age.
