In a major step towards bolstering cybersecurity in India’s financial ecosystem, the Ministry of Electronics and Information Technology (MeitY), in collaboration with CERT-In, CSIRT-Fin, and global cybersecurity company SISA, has launched the country’s first-ever Digital Threat Report 2024 for the Banking, Financial Services, and Insurance (BFSI) sector. This report delivers a comprehensive analysis of prevailing and emerging cyber threats, security gaps, and defense strategies tailored specifically for the rapidly digitizing financial sector. At the launch, MeitY Secretary S. Krishnan emphasized the systemic risks posed by a single cyberattack in a tightly interconnected BFSI ecosystem and stressed the need for a unified national cybersecurity strategy. Echoing this sentiment, Department of Financial Services Secretary M. Nagaraju underscored cybersecurity as a core element of economic stability, not just a regulatory checkbox. With India’s digital payment market projected to hit $3.1 trillion by 2028, the report’s insights are critical for financial institutions navigating an increasingly hostile cyber landscape. It dives deep into sector-wide vulnerabilities, AI-driven attack tactics, and complex compliance challenges while offering actionable solutions rooted in real-world intelligence.
The initiative integrates data from forensic investigations by SISA, regulatory insights from CERT-In, and response strategies from CSIRT-Fin, forming a collaborative blueprint to proactively combat evolving digital threats. This report sets a precedent not just for Indian institutions but also for global cybersecurity readiness, reinforcing India’s leadership in safeguarding digital finance.