Mumbai, October 24 (IANS). National Stock Exchange (NSE) Managing Director and Chief Executive Officer (CEO) Ashish Kumar Chauhan on Saturday expressed serious concern over the growing threat of AI-based cyber attacks and called on stockbrokers to strengthen their cyber security capabilities. He said a weakness in the security of any one member could affect the credibility and integrity of the entire capital markets network.
Addressing the ANMI International Capital Market Convention 2026 held in Mumbai, Chauhan said that NSE is conducting a comprehensive review of its entire network to identify potential security vulnerabilities. He said that the risk of Artificial Intelligence based cyber attacks is increasing rapidly and all market participants need to be more vigilant to deal with it.
He said that every broker and market member will have to include cyber security in their core functions, so that the security and reliability of the trading system is maintained across the country. According to him, new technical vulnerabilities may emerge in the coming years and hence the industry will have to prepare now.
Chouhan also suggested creating a special task force from ANMI to identify potential cyber threats, coordinate between various institutions and provide assistance to market participants to deal with the risks.
He said NSE is ready to support brokers through workshops and other training programs and will work with regulators to help strengthen their security framework. Brokers who do not have sufficient technical expertise must either develop their own internal capabilities or seek the assistance of external experts.
Referring to recent AI-based cyber attacks, Chauhan said that if the security system of any one market member remains weak, it can impact the integrity of the entire market system.
He mentioned quantum computing as another big challenge of the future. According to him, quantum technology may impact existing cryptographic security systems and secure communication mechanisms in the times to come. In such a situation, market participants will have to be prepared not only for current cyber threats but also for future technological challenges.
Chauhan said technology has been an integral part of the functioning of the capital markets since its inception, but the changing threats make it clear that market institutions cannot afford to lag behind on the security front.
Concerns about cyber security have increased continuously in recent months. This month, a data breach incident was reported in State Bank of India (SBI), in which information of 3,897 customers was confirmed to have been found on the dark web. Similarly, Punjab National Bank (PNB) had also issued an advisory to customers to be cautious about AI-based cyber fraud, voice cloning, deepfake and phishing attacks.
–IANS
DBP