Content:
In response to rising cyber threats in the financial sector, the Digital Threat Report 2024 for the BFSI sector was launched as part of a collaborative cybersecurity initiative.
Key Stakeholders:
- CERT-In (Indian Computer Emergency Response Team, MeitY)
- CSIRT-Fin (Cyber Security and Incident Response Team for BFSI)
- SISA, a global firm specializing in digital payment security.
The report was officially released by top government officials including:
- M. Nagaraju, Secretary, Department of Financial Services
- S. Krishnan, Secretary,
- MeitY Dr. Sanjay Bahl, DG, CERT-In
- Dharshan Shanthamurthy, CEO, SISA
Objective – Digital Threat Report 2024:
- To strengthen cyber resilience in the Banking, Financial Services, and Insurance (BFSI) sector
- Encourage collaborative defense mechanisms involving regulators, institutions, and global cybersecurity experts
- Tackle systemic risks stemming from the interconnected BFSI ecosystem
- Support faster detection, response, and recovery from cyberattacks.
Financial Context:
- Digital payments in India expected to hit $3.1 trillion by 2028, making up 35% of banking revenues
- As digital adoption grows, so does the risk surface for cyberattacks
- Cybersecurity is now seen as critical to economic stability and public trust in digital finance.
Key Insights:
The report compiles real-world intelligence from:
- SISA’s forensic findings
- CERT-In’s national-level oversight
- CSIRT-Fin’s field incident data
It identifies:
- Top attack vectors and tactics
- Security gaps in people, processes, and technology
- Actionable steps to mitigate current and emerging threats
Significance:
- Positions India as a global leader in financial cybersecurity
- Promotes information sharing and coordinated response to cyber risks
- Highlights evolving threats like AI-driven attacks and complex fraud mechanisms
- Stresses a multi-layered defense strategy, focusing on preparedness and resilience
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