New Delhi: The Digital Threat Report 2024 for the Banking, Financial Services, and Insurance (BFSI) sector was jointly released by CERT-In (under MeitY), CSIRT-Fin and global cybersecurity firm SISA to enhance cybersecurity in India’s rapidly digitising financial ecosystem.
The Digital Threat Report offers an in-depth assessment of prevailing and emerging cyber threats while also laying out collaborative defence strategies for the sector.
The report was officially launched by M Nagaraju, Secretary, Department of Financial Services, and S Krishnan, Secretary, Ministry of Electronics and IT, in the presence of CERT-In Director General Dr Sanjay Bahl and SISA CEO Dharshan Shanthamurthy.
Highlighting the importance of coordinated cyber defence, Krishnan pointed out that the interconnected nature of the BFSI sector increases the risk of systemic disruptions from single-point cyberattacks.
He emphasized the critical role of CERT-In and CSIRT-Fin in working with regulators and global partners to ensure timely threat detection and response.
Echoing this, DFS Secretary M Nagaraju said cybersecurity is now a fundamental component of financial stability, not just a protective measure. As the BFSI sector scales up digital transactions, he stressed the urgency of an integrated strategy that combines technology, compliance and intelligence.
The report integrates real-world threat data from SISA’s forensic investigations, CERT-In’s regulatory insights and CSIRT-Fin’s incident response experience. It identifies key attack vectors, advanced adversarial methods, and existing vulnerabilities.
It also provides practical recommendations to help institutions strengthen cyber defenses across people, processes and technologies.
Dr Sanjay Bahl noted that the aim is to empower BFSI institutions to stay ahead of cyber adversaries through intelligence-sharing and adaptive defence.
Meanwhile, SISA CEO Dharshan Shanthamurthy added that collaboration is central to building long-term cyber resilience, both in India and globally.
With digital payments expected to reach $3.1 trillion by 2028 and comprise 35 per cent of banking revenues, the 2024 report underscores the sector’s growing exposure to cyber risks.
It calls on financial stakeholders to adopt proactive, intelligence-driven cybersecurity strategies to safeguard the future of digital finance.
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