AI-powered cyberattacks siphon ₹300 crore from small NBFCs in two months
2026-10-29
Economic Times
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AI-driven cyberattacks using Chinese toolkits like CyberStrike and Artex, along with open-source AI models, have targeted small non-banking financial companies (NBFCs) in India, resulting in losses of approximately ₹300 crore over two months. Over 150 complaints have been filed, highlighting significant financial and data security harm.[AI generated]
Why's our monitor labelling this an incident or hazard?
The article explicitly mentions the use of AI toolkits (Artex, CyberStrike) and AI models (DeepSeek, Qwen, Kimi, GLM) by cybercriminals to conduct sophisticated cyberattacks. These AI systems automate and enhance hacking and social engineering techniques, directly causing financial harm and data breaches to NBFCs and their customers. The harm is materialized and ongoing, fulfilling the criteria for an AI Incident. The involvement of AI in the malicious use and the resulting direct financial and data harm justifies this classification.[AI generated]