Mumbai, Nov 3 (IANS) Amid rising cyber threats targeting India's banking, financial services and insurance (BFSI) sector, State Bank of India (SBI) Chairman Challa Sreenivasulu Setty on Tuesday said cybersecurity remains of paramount importance for the country's largest lender, adding that the bank is working with industry stakeholders and exploring the use of artificial intelligence (AI) to counter emerging digital threats.

Speaking to IANS, Setty said SBI remains highly conscious of its responsibility in protecting its systems as well as customer data.

He noted that cybersecurity has always been a critical priority for the bank and that it is actively engaging with other stakeholders through the Indian Banks' Association (IBA) to ensure a coordinated response to cyber risks across the financial ecosystem.

"Cybersecurity always has been of paramount importance for us. We are very conscious of our role to play in not only in ensuring that SBI systems are protected, customer data is protected, we are also working with other ecosystem players through the IBA to ensure that the BFSI sector comes together in ensuring that the cyber threats are handled in a better manner. We are also working on how AI can be adopted to fight the AI threats," he told IANS.

He added that the banking major is also examining how artificial intelligence can be leveraged to combat AI-driven threats, as cybercriminals increasingly deploy sophisticated technologies to target financial institutions.

Meanwhile, earlier in the day, the largest public sector lender reported a 14.3 per cent year-on-year (YoY) rise in net profit to Rs 23,038 crore for the September quarter of FY27, aided by strong growth in net interest income and lower provisions.

SBI reported a net profit of Rs 20,160 crore in the corresponding period last financial year (Q2 FY26), according to its stock exchange filing.

The bank's earnings were supported by robust growth in core income and a decline in provisions during the quarter.

--IANS

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