In a significant step toward enhancing cybersecurity in India’s banking, financial services, and insurance (BFSI) sector, the government has launched the Digital Threat Report 2024. This report is a collaboration between CERT-In (MeitY), CSIRT-Fin, and SISA. It offers a comprehensive analysis of current and emerging cyber threats that pose risks to the sector. It also aims to provide financial institutions with actionable intelligence and strategies to safeguard against evolving cyberattacks.
The report was officially launched by key officials, including Shri M. Nagaraju, Secretary of the Department of Financial Services, Ministry of Finance, Shri S. Krishnan, Secretary of the Ministry of Electronics and Information Technology, and Dr. Sanjay Bahl, Director General of CERT-In. This initiative comes at a crucial time as India’s digital transactions are growing rapidly. As a result, cybersecurity has become a foundational element of economic stability.
Strengthening Cybersecurity Resilience in the BFSI Sector
Cybersecurity has become an integral part of ensuring financial stability in the modern digital age. The BFSI sector is at the forefront of India’s digital transformation. However, it is now facing heightened risks due to the increasing frequency of cyberattacks. Shri S. Krishnan, Secretary of MeitY, emphasized the importance of coordinated cybersecurity efforts, noting, “The interconnected nature of the BFSI ecosystem means that a single cyberattack can have systemic repercussions, impacting multiple entities beyond the initial target. This underscores the urgent need for coordinated cybersecurity efforts at a national and sectoral level.”
The launch of the Digital Threat Report 2024 marks a proactive step toward mitigating these risks. By working together with key stakeholders, CERT-In and CSIRT-Fin have created a framework for the BFSI sector. This framework fosters collaboration between regulators, industry leaders, and global cybersecurity bodies. Moreover, this collaboration is essential to stay ahead of emerging threats and reduce the potential impact of cyber incidents on financial stability.
About The Digital Threat Report 2024
The Digital Threat Report 2024 offers a deep dive into the challenges facing the BFSI sector, providing a multi-dimensional perspective on cybersecurity. The report integrates cyber intelligence from SISA’s forensic investigations, CERT-In’s oversight, and CSIRT-Fin’s incident response expertise. As Dr. Sanjay Bahl, Director General of CERT-In, said, “Cybersecurity is not just about protecting individual entities – it’s about securing an entire ecosystem. In today’s hyper-connected world, threats evolve faster than ever, making collaborative intelligence-sharing essential.”
This comprehensive approach helps identify key attack vectors, emerging adversarial tactics, and persistent security gaps. The report also provides actionable recommendations for strengthening defenses across people, processes, and technology. Furthermore, by equipping financial institutions with these insights, the report aims to bolster cyber resilience, making it possible for organizations to adapt and respond to new and sophisticated threats.
Collaborative Cyber Defense Strategy to Safeguard the BFSI Sector
Cybersecurity resilience is built on collaboration, and this report is a testament to that. Dharshan Shanthamurthy, Founder & CEO of SISA, emphasized, “Cybersecurity resilience is built on collaboration. By integrating real-world threat intelligence, national cybersecurity insights, and financial sector incident response, this report delivers actionable intelligence that enables financial institutions to stay ahead of evolving threats. Our commitment extends beyond insights—we aim to fortify resilience in India’s BFSI sector and globally, driving a future where digital transactions are secure, seamless, and uncompromisingly protected.”
The collective intelligence gathered by CERT-In, CSIRT-Fin, and SISA ensures that the BFSI sector is better equipped to tackle the growing complexity of cyberattacks, including AI-driven threats, fraud tactics, and compliance issues. Furthermore, the launch of the report highlights the importance of an integrated cybersecurity approach, where technology, regulatory compliance, and proactive threat intelligence work in harmony to mitigate risks.
Preparing for Future Cyber Threats with the Digital Threat Report 2024
The BFSI sector is expected to generate $3.1 trillion in digital payments by 2028, making cybersecurity more critical than ever. The rapid shift toward digital transactions has expanded the attack surface for cybercriminals. As a result, it has become essential for financial institutions to stay vigilant and prepared. As Shri M. Nagaraju, Secretary of the Department of Financial Services, Ministry of Finance, pointed out, “Cybersecurity is no longer an optional safeguard but the foundation of financial stability in the digital age. As India’s BFSI sector rapidly expands, securing digital transactions is not just a regulatory necessity but an economic imperative.”
The report provides a strategic blueprint for financial institutions to strengthen their cyber defenses and minimize vulnerabilities. Moreover, it offers insights into the anticipated risks and adversarial tactics that could affect system-level operations. Furthermore, by adopting the recommendations outlined in the report, financial organizations can proactively defend against cyber threats. This will help them build resilience in the face of an increasingly complex digital landscape.
Source: Press Information Bureau
