India’s Banking, Financial Services, and Insurance sector is undergoing a critical transformation to bolster its defenses against escalating cybersecurity threats. In a landmark initiative, the Ministry of Electronics and Information Technology, in collaboration with CERT-In, CSIRT-Fin, and global cybersecurity leader SISA, unveiled the Digital Threat Report 2024, offering a comprehensive analysis of emerging cyber risks and strategies for resilience.
The report was formally launched in New Delhi by senior officials, including the Secretary of the Department of Financial Services and the Secretary of the Ministry of Electronics and Information Technology, along with the Director General of CERT-In and the Founder and CEO of SISA. Together, they highlighted the urgency of building a unified cybersecurity framework to safeguard India’s financial backbone.
India’s BFSI ecosystem has witnessed rapid digital transformation, with digital payments projected to generate $3.1 trillion by 2028, accounting for 35 percent of total banking revenues. While these advancements promise significant economic growth, they also expand the attack surface for cybercriminals. The interconnected nature of the sector means that a single cyberattack can have systemic repercussions, impacting multiple entities beyond the initial target.
Recognizing these challenges, the Digital Threat Report 2024 provides a sector-wide analysis of security gaps, adversarial tactics, and vulnerabilities. Its insights aim to empower financial institutions to anticipate risks, fortify defenses, and build long-term cyber resilience. The report integrates real-world intelligence from SISA’s forensic investigations, CERT-In’s cybersecurity expertise, and CSIRT-Fin’s incident response capabilities. It delivers actionable recommendations to tackle persistent security issues across people, processes, and technology.
The Secretary of the Ministry of Electronics and Information Technology emphasized the critical role of coordinated cybersecurity efforts, stating that collective intelligence and timely detection are essential to mitigate systemic risks. Meanwhile, the Secretary of the Department of Financial Services underscored cybersecurity as the foundation of financial stability, calling for a unified approach that integrates technology, regulatory compliance, and proactive threat intelligence.
As financial institutions face increasingly sophisticated threats driven by AI and fraud tactics, the report serves as a strategic blueprint to secure digital transactions and ensure economic stability. It aims to foster collaboration between national agencies, industry leaders, and regulators, creating a robust defense strategy for the BFSI sector.
This initiative reflects India’s commitment to setting global benchmarks in financial cybersecurity. By addressing challenges and harnessing collective intelligence, the nation aspires to drive a secure digital future, where transactions remain resilient against ever-evolving threats.
