In an important step to strengthen cybersecurity in India’s banking and financial sector, three major entities—CERT-In (India’s official cyber emergency response team), CSIRT-Fin (a special unit for the financial sector), and global cybersecurity company SISA—have come together to release the Digital Threat Report 2024 for the BFSI sector (Banking, Financial Services, and Insurance). This report gives a deep look at the current and future cyber threats facing the financial world, along with strategies to protect against them.
The report was launched by key government officials, including Shri M. Nagaraju from the Ministry of Finance and Shri S. Krishnan from the Ministry of Electronics and IT, along with top representatives from CERT-In and SISA. At the launch event, Shri S. Krishnan spoke about how the increasing digital activity in the financial sector is also increasing the risk of cyberattacks. Since the entire financial system is connected, a cyberattack on one institution can affect many others. He stressed the need for a united, nationwide approach to cybersecurity. He praised CERT-In and CSIRT-Fin for working with regulators and global bodies to help detect, respond to, and recover from cyber incidents quickly. He also said this new report would help financial institutions become more secure and better prepared to handle advanced cyber threats.
Shri M. Nagaraju added that cybersecurity is no longer just an option—it’s now essential for maintaining trust and economic stability. As more people and businesses move to digital banking and payments, securing these transactions becomes extremely important. He explained that this report is the result of a strong partnership between government agencies and private industry. It provides a solid plan to help banks and financial companies understand their weak spots, improve their security systems, and get ready for modern cyberattacks.
The Digital Threat Report 2024 presents a full picture of the cybersecurity environment in the financial sector. It shows that digital payments are growing rapidly and are expected to reach $3.1 trillion by 2028, which will make up 35% of all banking income. However, this growth also gives hackers more chances to attack. The report is special because it doesn’t just talk about the current problems—it also looks ahead to future risks and explains the methods that hackers are using to target financial systems. It helps financial institutions recognize threats early and take the right steps to protect themselves.
Dr. Sanjay Bahl, Director General of CERT-In, said that protecting one company is not enough. In today’s connected world, the whole financial system needs to be protected together. He emphasized that sharing information and intelligence between institutions is key to staying one step ahead of hackers. He said this report will help financial companies build long-term strength in cybersecurity and shows India’s strong commitment to being a global leader in financial cybersecurity.
The report brings together real data from SISA’s investigations, CERT-In’s national-level cybersecurity monitoring, and CSIRT-Fin’s knowledge of the financial sector. This combined effort gives a complete view of what’s going wrong, how hackers are attacking, and where the security gaps are. Importantly, the report doesn’t just list problems—it also gives clear, useful suggestions on how banks and financial institutions can improve their security through better people practices, smarter processes, and strong technology.
Dharshan Shanthamurthy, CEO of SISA, explained that the report is all about teamwork. By blending data from different sources, it gives practical advice to help financial institutions stay ahead of threats. He said SISA is not just sharing information—they are committed to helping India and the world build safer digital financial systems, where transactions are smooth and secure.
In summary, the Digital Threat Report 2024 is a wake-up call for the entire financial sector. With rising dangers like AI-powered attacks, new fraud tricks, and complicated security rules, the report encourages everyone—banks, regulators, and cybersecurity experts—to take strong, proactive steps. It’s not just a report—it’s a roadmap to a safer digital future in finance.
