SBI chairman calls out a major ‘tech challenge’ that banks are facing – Times of India
State Bank of India (SBI) Chairman CS Setty has warned of growing cybersecurity challenges and the need for improved digital literacy in the banking sector. While investments in cybersecurity are on the rise, the availability of professional support for these activities remains limited, posing a significant hurdle for banks as they roll out digital systems.Speaking at FIBAC 2024, a banking summit organized by the Indian Banks’ Association and FICCI, Setty emphasized the importance of addressing these challenges to ensure the successful transition to digital technologies and protect systems from cyber threats.SBI has been able to create resilience in its systems while maintaining a positive customer experience, despite the complexities of integrating legacy systems with newer technologies. ...