^{The cyber security threats in the banking system are expected to intensify and get more complicated in the coming days as banks are the custodians of public wealth and the personal data of crores of people.}

Pradeep Kumar P, Chairman, Karnataka Bank, said cybersecurity in the banking sector is not a destination but a continuous process and an emerging phenomenon as cyber risks become more complex and significantly greater.

Invoking Benjamin Franklin, one of the founding fathers of the United States, he said an ounce of prevention is better than a pound of cure and highlighted statistics on the wealth lost worldwide to cyber frauds.

He said at the Financial Risk Conclave, organised by the Professional Risk Managers’ International Association and Southern India Banks’ Staff Training College, that cyber disruptions are more potent and damaging, and one hardly needs a gun or mask since the fraudsters could be anywhere.

Emphasising the critical need to embed a robust Risk awareness culture, Srikrishnan H, Managing Director and CEO of Karnataka Bank, said top management must set the tone, context, and oversight on risk culture and ecosystems in the BFSI sector.

He said constantly reviewing and tweaking operational readiness to combat risk management is imperative and absolutely necessary.

According to him, building a risk awareness culture is not a one-time initiative but a journey that requires commitment, communication, and continuous learning across the organisation.

The event had over 80 participants, including academicians, finance professionals, bankers and management students.