India's central bank chief says the next financial crisis may start with a cyberattack

Sanjay Malhotra, governor of the Reserve Bank of India, said on Saturday that the next financial crisis could begin with a war, a cyberattack or a technology failure rather than in a bank. He said AI has made cyber risk worse and adds new risks from faulty models, reliance on outside suppliers and weaker human oversight. He also warned that a slowdown in AI spending could cause a sharp fall in asset prices.

• Write down which outside suppliers your business cannot trade without for a day, such as the card terminal, the bank app and the booking system, and what you would do if one went down.
• Keep a simple offline fallback for payments and bookings, such as a paper log and a second way to take cards, and make sure staff know where it is.

Source: The Next Web. This is our short summary of their reporting. The paragraphs marked "Our read" and the things to do are SeedFoundry's opinion. The summary is drafted with AI tools. The picture is our own graphic. How we source and credit