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A government-initiated report on cyber threats in the banking, financial services, and insurance (BFSI) sector predicts an increase in deepfake and AI-generated content attacks, while warning about the growing dangers of supply chain attacks.
The report, prepared by the national cyber security watchdog CERT-In, CSIRT-Fin, and the cyber security company SISA, states that as Large Language Models (LLMs) become more integrated into various applications, there is a growing threat of LLM prompt hacking, where attackers manipulate inputs to these models to induce unintended and potentially harmful behaviors.
IT secretary S Krishnan noted that cyberattacks are becoming more sophisticated, frequent, and targeted. “A cyberattack on a financial institution can have disastrous consequences, resulting in exponential losses.”
The report revealed that the first half of 2024 saw a 175% surge in phishing attacks on the financial sector compared to the same period last year, highlighting the increased 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 states. The report also notes that attackers are expected to increasingly leverage deepfakes and AI content as potent tools for intrusion, particularly in social engineering attacks.
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