India’s First Digital Threat Report 2024

Highlights:

Collaborative cyber defence strategy:

» As the report has been developed in collaboration with CERT-In (MeitY), CSIRT-Fin and SISA. This report will enable BFSI organizations to secure defenses, minimize financial stability risks, and build a collective cybersecurity strategy to counter sophisticated cyberattacks effectively.

Cybersecurity is the foundation of financial stability:

» 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.

BFSI Sector:

» 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.

Digital Threat Report 2024 offers multi-dimensional cyber insights:

» 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 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.