AI-powered cyberattacks cost Indian financial firms 300 million rupees
Smaller non-banking financial companies in India have lost approximately 300 million rupees to AI-driven cyberattacks, highlighting gaps in official transparency.
Over the past two months, a wave of sophisticated cyberattacks targeting smaller non-banking financial companies (NBFCs) in India has resulted in reported losses of 300 million rupees. Over 150 police reports have been filed as attackers leverage a combination of AI-native offensive frameworks, including the China-based CyberStrike and Artex toolkits, to compromise payment API credentials.
These breaches allow attackers to bypass standard verification protocols and transaction limits. While regulatory bodies such as the Reserve Bank of India (RBI) and CERT-In have issued general security advisories, they have refrained from identifying specific victims or disclosing the financial scale of the incidents. This approach has forced stakeholders to rely on unofficial media reports to assess the situation.
Industry analysts note that current disclosure protocols remain inconsistent. Although financial institutions are mandated to report incidents within six hours to authorities, public transparency remains limited. The disconnect between internal reporting and public notification continues to hinder the ability of borrowers and customers to make informed decisions regarding their financial security.