India launches first Digital Threat Report 2024 to support cybersecurity in the Banking, Financial Services and Insurance (BFSI) sector
- Report Title: Digital Threat Report 2024 for BFSI.
- Collaborators: CERT-In (MeitY), CSIRT-Fin, and SISA (global cybersecurity company).
Key Objectives
- To analyze current and emerging cyber threats in the BFSI sector.
- To recommend cyber defense strategies for enhanced financial security.
- Promote collaborative cybersecurity intelligence sharing.
- Help financial institutions anticipate, adapt, and respond to advanced threats.
Cybersecurity: A National Imperative
Cyber Security is protecting cyber space including critical information infrastructure from attack, damage, misuse and economic espionage.
- Interconnected nature of BFSI—a cyberattack can affect multiple institutions.
- Emphasized national-level coordination and collaborative defence.
- Cybersecurity is foundational to financial stability, not just an option.
- Digital financial transactions require integrated approaches: tech, regulations, and intelligence.
Key Insights from the Report
- Merges insights from SISA’s forensic intelligence, CERT-In’s oversight, and CSIRT-Fin’s incident responses.
- Covers real-world cyber incidents, evolving attack vectors, and security gaps.
- Emphasis Areas:
- Adversarial tactics affecting system-wide operations.
- AI-driven attacks, advanced frauds, and compliance hurdles.
- Actionable steps for improving security across people, process, and technology.
Digital Transformation and Cyber Risks
- By 2028, digital payments expected to touch $3.1 trillion, making up 35% of total banking revenues.
- Rapid digitalisation increases cyber threat surface.
- BFSI sector is both critical and vulnerable—necessitates proactive strategies.
Strategic Contributions
- Cybersecurity is about securing ecosystems, not just entities.
- Stressed the importance of collaborative intelligence and resilience building.
- Report is a tool to fortify India’s BFSI sector.
- Integrates threat intelligence to provide proactive defence mechanisms.
Significance
- The report is a strategic call to action for:
- Financial institutions.
- Regulators
- Cybersecurity professionals.
- Aims to navigate complex, evolving cyber risks in a digitally transforming economy.
- Reinforces India’s position as a global benchmark in BFSI cybersecurity
