In a major step towards securing the country’s digital financial infrastructure, the Ministry of Electronics and Information Technology (MeitY) and the Department of Financial Services, in collaboration with CERT-In, CSIRT-Fin, and global cybersecurity firm SISA, unveiled the first-ever Digital Threat Report 2024 for the Banking, Financial Services, and Insurance (BFSI) sector.
With an aim to enhance cyber resilience and secure digital transactions across India’s financial ecosystem, the report provides an in-depth analysis of current and emerging cyber threats, identifying vulnerabilities, attack trends, and strategic defenses specific to the BFSI landscape.
The report was officially launched by M. Nagaraju, Secretary, Department of Financial Services, and S. Krishnan, Secretary, MeitY, alongside Dr. Sanjay Bahl, Director General of CERT-In, and Dharshan Shanthamurthy, Founder & CEO of SISA.
The report stands out for its multi-layered approach, drawing from CERT-In’s national cybersecurity oversight, CSIRT-Fin’s incident response within financial services, and real-world intelligence from SISA’s forensic investigations. It outlines key attack vectors, evolving adversarial tactics, and system-wide vulnerabilities, while also offering actionable insights to implement stronger security frameworks.
With digital payments expected to generate over $3.1 trillion by 2028, the BFSI sector remains a prime target for cyberattacks. The report not only identifies present-day threats but also anticipates future risks, offering a strategic roadmap for decision-makers and security teams.
The report serves as a vital resource for financial institutions, regulators, and cybersecurity professionals, empowering them to adopt smarter, intelligence-driven security strategies in an increasingly digital and threat-prone environment.
