NSE CEO flags AI-driven cyberattack risks, calls for stronger cybersecurity

Mumbai, October 24 (IANS) Flagging risks from AI-driven cyberattacks, National Stock Exchange MD and CEO Ashish Kumar Chauhan on Saturday asked stockbrokers to strengthen their cybersecurity capabilities and also warned that vulnerabilities at individual members could affect integrity of the broader market network.Speaking at the ANMI International Capital Market Convention 2026 here, the NSE CEO said the exchange is reviewing every component of its network for vulnerabilities amid growing threat of AI-based cyberattacks."Every member has to now take that out as a main function to ensure that integrity of our trading framework across India, across all members is maintained," according to him.Chauhan further warned that more vulnerabilities were likely to emerge over next few years and called on ANMI to set up a special task force to identify risks, coordinate responses and help market participants address them.NSE is prepared to assist brokers through workshops and other support and would work with the regulator to help members strengthen their systems, he said.Brokers lacking in-house technical capabilities should build them or seek external advisers, Chauhan said.While citing recent incidents of AI-related cyberattacks, he said cybersecurity risks could affect integrity of broader market network if individual members failed to address vulnerabilities.Meanwhile, he also flagged longer-term challenge posed by quantum computing, which could affect cryptographic systems, including those used in secure communications.Market participants would need to prepare for these risks alongside immediate threat from AI-enabled attacks, Chauhan said.However, technology has remained central to functioning of capital markets since NSE's early years but market participants cannot afford to fall behind as threats evolve, he added.Earlier in October, India’s largest lender State Bank of India (SBI) experienced data breach with 3,897 customer records found exposed on the dark web.Similarly, another state-owned lender Punjab National Bank (PNB) had cautioned their customers against AI-enabled cyber frauds, including voice cloning, deepfakes and phishing amid a surge in such incidents.