India launches first Digital Threat Report 2024 to support cybersecurity in the BFSI sector

IN NEWS

India launches first Digital Threat Report 2024 to support cybersecurity in the BFSI sector

Analysis

1. Purpose of the Initiative
   • The Digital Threat Report 2024 was launched to strengthen cybersecurity resilience across the Banking, Financial Services, and Insurance (BFSI) sector.
   • It is a collaborative effort between CERT-In (MeitY), CSIRT-Fin, and SISA, a global cybersecurity company.
2. Launch and Key Participants
   • Released jointly by Shri M. Nagaraju (Secretary, Department of Financial Services) and Shri S. Krishnan (Secretary, MeitY), along with Dr. Sanjay Bahl (DG, CERT-In) and Dharshan Shanthamurthy (Founder & CEO, SISA).
   • The report focuses on emerging cyber threats, defense strategies, and sector-wide security gaps.
3. Significance for BFSI Sector
   • The report highlights the systemic risks of cyberattacks in the interconnected BFSI ecosystem.
   • Aims to enable timely detection, response, and recovery from cyber incidents through collaborative intelligence and proactive cybersecurity frameworks.
   • Reinforces cybersecurity as the foundation of financial stability, not just a regulatory requirement.
4. Key Statements and Insights
   • S. Krishnan emphasized the need for a coordinated national cybersecurity strategy.
   • M. Nagaraju underlined cybersecurity as an economic imperative, essential for maintaining trust and stability in digital transactions.
   • Dr. Sanjay Bahl described cybersecurity as securing “an entire ecosystem,” calling for intelligence-sharing and resilience building.
   • Dharshan Shanthamurthy highlighted that true cybersecurity resilience is built on collaboration, intelligence integration, and proactive threat management.
5. Key Findings of the Report
   • Analyses emerging attack vectors, adversarial tactics, and persistent vulnerabilities across the BFSI sector.
   • Integrates forensic intelligence (SISA), national oversight (CERT-In), and sectoral response insights (CSIRT-Fin).
   • Provides actionable recommendations for preventive and detective security measures.
6. Sectoral Context
   • The BFSI sector is central to India’s digital economy, projected to generate $3.1 trillion in digital payments by 2028, accounting for 35% of total banking revenues.
   • The rapid digitization has increased the attack surface for cybercriminals, necessitating sector-wide cybersecurity initiatives.
7. Strategic Importance
   • The report serves as a strategic blueprintfor financial institutions to:
     • Anticipate vulnerabilities,
     • Strengthen defenses, and
     • Build long-term cyber resilience.
   • It calls for unified cybersecurity frameworks and cross-sector collaboration to protect India’s financial backbone.

Static Information

• CERT-In (Indian Computer Emergency Response Team):
  National nodal agency under Ministry of Electronics and Information Technology (MeitY) responsible for incident response, threat management, and cybersecurity coordination.
• CSIRT-Fin:
  Sectoral Computer Security Incident Response Team for financial institutions under the Department of Financial Services.
• SISA:
  Global cybersecurity firm providing forensic-driven solutions for the digital payments industry, operating in over 40 countries.

Updated - 7 Apr  2025 ; 07:57 PM | PIB[News Source: PIB]