🇦🇺 English, 30 October 2026, third-party risk
Cybersecurity becomes a balance-sheet risk for lenders as breaches rise
Cyberattacks on banks and NBFCs expose lenders to direct financial losses and higher operating costs.
The alleged loss of around $2 million by two Mumbai-based NBFCs through unauthorized bank transfers highlights weaknesses in payment infrastructure.
Data breaches involving State Bank of India and AU Small Finance Bank have exposed risks arising from lenders’ dependence on external technology platforms.
The Reserve Bank of India has stepped up scrutiny of banks’ cybersecurity preparedness, seeking details of lenders’ compliance with existing cybersecurity requirements and vulnerabilities in APIs connecting banks with NBFCs and fintech companies.