NEW DELHI: A govt-initiated report on cyber threats in banking, financial services, and insurance (BFSI) sector has forecast a rise in deepfake and AI-generated content attacks, while warning about growing dangers of attacks on supply chain.
The report says as Large Language Models (LLMs) become increasingly integrated into various applications, there is a growing threat of LLM prompt hacking, where attackers manipulate inputs to these models to induce unintended & potentially harmful behaviours. It has been prepared by national cyber security watchdog CERT-In, CSIRT-Fin & forensics-driven cybersecurity company SISA.
IT secretary S Krishnan said cyberattacks are growing more sophisticated, frequent, and targeted. “A cyberattack on a financial institution can have disastrous results… resulting in exponential losses.”
The report said the first half of 2024 saw a 175% surge in phishing attacks on financial sector compared to the same period last year, highlighting the heightened activity within an “increasingly volatile” threat landscape. “By 2025, we expect AI-driven cyber attacks to become one of the most scalable and adaptable threats, challenging traditional defenses and requiring innovative countermeasures,” it says. The report says attackers are expected to increasingly leverage deepfakes and AI content as potent tools for intrusion, particularly in social engineering attacks.