Bank of Baroda MD and CEO Debadatta Chand has called for higher investment by banks and the financial system in cyber security tools, stating that the growing threat of cyber fraud is 'real' and requires greater focus at both institutional and customer levels. Speaking at the Global Fintech Fest 2026, Chand emphasized that the cyber threat is no longer theoretical but requires immediate action from the banking sector. As reported by The Economic Times, he stated that looking at the scale of cyber fraud happening today, the system needs to invest significantly more in addressing this critical issue. This call comes as cyber security threats have reached unprecedented levels, with documented physical and cyberattacks targeting senior corporate executives already doubled the previous year's total by October 31, 2025, according to The Security Executive Council.
Chand outlined a comprehensive strategy to address cyber fraud through two primary levels of vulnerability - those within banks and those arising at the customer end. He identified broadly two types of vulnerabilities that lead to fraud - one at the bank level where there may be gaps in the banking system or cybersecurity infrastructure, and the other at the customer level where customers themselves become vulnerable to scams such as digital arrest frauds and various other forms of cybercrime. The CEO emphasized that customer level can only be addressed through proper awareness, and there we need to invest heavily in both financial literacy and digital literacy. According to The Economic Times, he stressed that customer protection can only be achieved through proper awareness and heavy investment in both financial literacy combined with digital literacy.
Bank of Baroda has been investing a portion of its operating profit towards technological development, including cyber security investments. As reported by The Economic Times, Chand confirmed that the bank recognizes both vulnerabilities at the bank end and customer end, demonstrating a comprehensive approach to risk management. The bank has been felicitating employees who had helped prevent digital frauds, highlighting the critical role of bank employees in preventing customer-level frauds. The lender is also using AI-based underwriting to assess customers without a conventional credit history, while moving towards cash-flow-based financing, particularly for MSMEs and lower segments, instead of relying primarily on asset-based lending.
The banking sector's cyber security concerns mirror broader corporate trends, with security costs for entertainment, media and tech CEOs rising by double to triple digits in 2025. According to The Security Executive Council, documented physical and cyberattacks targeting senior corporate executives had already doubled the previous year's total by October 31, 2025. Companies in these sectors now spend millions on security, with median CEO security costs at about $94,000 for S&P 500 companies, while media and tech companies spend far more due to their high-profile positions. Disney and Netflix each spent $1.8 million on security last year, with costs rising more than 30 percent, while Amazon spent $1.7 million with costs rising more than 50 percent, and Warner Bros. Discovery spent $3.2 million with costs rising more than 200 percent. As reported by The Hollywood Reporter, the threats facing corporate executives are at an all-time high, with experts predicting costs will continue to rise as threats become more complex and political landscapes remain driven by outrage.
