Thanks for the response smacdonald2008 but the article explains creating a favicon icon and title for the custom web pages.
My requirement is to override the AEM's OOTB/default favicon icon and page title for all the AEM DAM pages as part of branding requirement from the customer.
I was looking at how to add a favicon for a site and saw this thread. Sounds like the approach is different now to the one linked above: with AEM core components, using the page component and editable templates, we can now specify a client library (provided we have set "allowProxy=true") as the location for things like favicons. The page component will then look for image files with specified names - see head.html