MeitY launches 'Digital Threat Report 2024' for banking, financial services and insurance sector

"In a landmark initiative to strengthen cybersecurity resilience in the Banking, Financial Services, and Insurance (BFSI) sector, CERT-In (MeitY), CSIRT-Fin and SISA, a global Cybersecurity company, collaborated to launch the Digital Threat Report 2024 for the BFSI sector, a comprehensive analysis of current and emerging cyber threats and defense strategies," as per a Ministry of Electronics & IT release.

The report was launched by Secretary, Department of Financial Services, Ministry of Finance, M Nagaraju and Secretary, Ministry of Electronics and Information Technology, S Krishnan, along with Director General, Computer Emergency Response Team (CERT-In) Dr Sanjay Bahl and Founder and CEO, SISA, Dharshan Shanthamurthy.

Speaking at the launch, S Krishnan, IAS, Secretary, Ministry of Electronics and Information Technology, Government of India, highlighted the growing cyber risks associated with the rapid digital transformation of the financial sector, stating: 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. CERT-In and CSIRT-Fin play a vital role in mitigating these risks by collaborating with regulators, industry stakeholders, and global cybersecurity bodies to ensure timely detection, response, and recovery from cyber incidents. This report, developed in collaboration with SISA, will enable BFSI organizations to secure defenses, minimize financial stability risks, and build a collective cybersecurity strategy to counter sophisticated cyberattacks effectively

M Nagaraju, IAS, Secretary, Department of Financial Services, Ministry of Finance, underscored the critical need for stronger cyber defenses in financial services, emphasizing the far-reaching implications of cybersecurity on economic stability and trust. 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 Digital Threat Report 2024 for BFSI, as a collaborative effort between national cybersecurity agencies and industry leaders, highlights the urgency of an integrated approach - one that unifies technology, regulatory compliance, and proactive threat intelligence. It serves as a strategic blueprint, equipping financial institutions with the intelligence needed to anticipate vulnerabilities, strengthen their defenses, and build cyber resilience in an era of increasingly sophisticated threats.

"The report provides a holistic analysis of the cybersecurity landscape shaping the BFSI sector. The collaborative nature of this initiative, bringing together frontline cybersecurity providers, national agencies, and financial sector incident response teams, underscores the urgency of a proactive, intelligence-driven approach to mitigating digital risks," the release read.

The BFSI sector is at the heart of global digital transformation, with digital payments projected to generate $3.1 trillion by 2028, accounting for 35% of total banking revenues. However, the rapid shift to digital transactions has also expanded the attack surface for cybercriminals. The 2024 Digital Threat Report stands apart by not only examining current threats and emerging vulnerabilities but also offering a deep dive into adversarial tactics that impact system-level operations. It provides a unique perspective on sector-wide security gaps while delivering a forward-looking analysis of anticipated cyber risks, equipping financial institutions with the insights needed to prepare for both todays and tomorrow's cyber threats.

Dr Sanjay Bahl, Director General, Indian Computer Emergency Response Team (CERT-In), Ministry of Electronics and IT, Government of India on the occasion 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 report is meant to empower financial institutions to stay ahead of adversaries, adapt to emerging risks, and build long-term cyber resilience. Initiatives like these reinforce India's commitment to setting global benchmarks in financial cybersecurity, ensuring that as digital transactions grow, they remain secure, trusted, and resilient against future threats."

"The report integrates real-world cyber intelligence from SISA's forensic investigations, CERT-In's cybersecurity oversight, and CSIRT-Fin's financial sector incident response expertise, offering a multi-dimensional perspective on emerging threats. By identifying key attack vectors, evolving adversarial tactics, and persistent security gaps, the report not only outlines current challenges but also provides practical, actionable recommendations to help financial organizations implement preventive and detective security measures across people, process, and technology," the release read.

Commenting on the significance of the report, Dharshan Shanthamurthy, Founder & CEO of SISA, remarked: " 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 2024 Digital Threat Report for BFSI is a call to action for financial institutions, regulators, and security professionals to adopt a proactive stance against cyber threats. As the sector faces growing challenges from AI-driven attacks, sophisticated fraud tactics, and compliance complexities, this report serves as a strategic guide to navigating the evolving cybersecurity landscape," the release read.

SISA is a global forensics-driven cybersecurity solutions company for the digital payments industry, trusted by leading organizations for securing their businesses with robust preventive, detective, and corrective cybersecurity solutions. SISA's problem-first, human-centric approach helps businesses strengthen their cybersecurity posture. SISA applies the power of forensic intelligence and advanced technology to offer true security to over 2,000 customers across over 40 countries.