Strengthening ICT governance

FE Team | Published: May 22, 2026 18:11:38

With the advancement and widespread availability of Artificial Intelligence (AI), many individuals perceive that the world is becoming increasingly accessible, as information can now be obtained instantly from virtually anywhere. AI is like a sharp weapon; we should have enough training and awareness to use it purposefully. In developing countries, technologies are often imported from more advanced regions, but the depth of understanding remains limited, increasing the risk of misuse due to insufficient knowledge.
Donors' conditions attached to loans, competitors' advances, or global technological trends force the authorities to promote technology adoption among the public. Consequently, regulators are encouraging digital adoption through policy incentives such as tax waivers on technology purchases, and governments and central banks are actively promoting electronic money and alternative delivery channels for cashless transactions. These initiatives are significantly contributing to financial inclusion and broader access to financial services.
At the same time, regulatory bodies are placing increasing emphasis on governance and control mechanisms to mitigate the potential misuse of technology. The widespread availability of generative AI tools has introduced new risks, including the creation and dissemination of misinformation. For instance, the rapid spread of fake news can potentially trigger large-scale social unrest if effective monitoring and response mechanisms are not in place. Similarly, weaknesses in digital financial systems may be exploited, and fake electronic money could be generated illegally if appropriate controls are absent. This underscores the importance of robust real-time detection and prevention mechanisms.
Human behaviour remains inherently influenced by bias, perception, and intent, whereas AI-driven machines operate without ethical judgement unless explicitly governed by humans. As reliance on intelligent systems increases, the potential for unintended consequences affecting society also grows. AI, therefore, should be understood as a tool that supports decision-making rather than replacing ethical and contextual human judgement.
In cybersecurity, attackers such as script kiddies-typically inexperienced individuals using pre-developed tools-can still cause significant harm to information systems without fully understanding the consequences of their actions. This highlights the importance of layered security approaches. To effectively regulate rapidly evolving technologies, regulators and organisations should implement defence-in-depth strategies encompassing administrative, technical, and physical controls to ensure comprehensive monitoring and risk mitigation.
Therefore, there is no viable alternative to implementing strong ICT governance frameworks to ensure secure, efficient and resilient digital infrastructure for safe use of technology.
Prakash Chandra Mondal
Joint Director (ICT)
ICTD, The Central Bank