India launches first Digital Threat Report 2024

In a major step toward bolstering cybersecurity in India’s Banking, Financial Services, and Insurance (BFSI) sector, the Indian Computer Emergency Response Team (CERT-In) under MeitY, in collaboration with CSIRT-Fin and global cybersecurity firm SISA, launched the Digital Threat Report 2024. This landmark report offers a comprehensive analysis of current and emerging cyber threats and strategies to enhance cyber resilience across the BFSI ecosystem.

The report was officially launched by Shri M. Nagaraju, Secretary, Department of Financial Services (Ministry of Finance), and Shri S. Krishnan, Secretary, Ministry of Electronics and IT, along with Dr. Sanjay Bahl, Director General, CERT-In, and Dharshan Shanthamurthy, Founder & CEO of SISA.

Highlighting the significance of a collaborative cyber defense strategy, Shri Krishnan stressed that the interconnected nature of the BFSI sector increases the risk of cascading cyberattacks. He emphasized the role of CERT-In and CSIRT-Fin in facilitating coordinated efforts with regulators, stakeholders, and global cybersecurity bodies to ensure timely detection, response, and recovery from incidents.

Shri Nagaraju emphasized that cybersecurity is now the foundation of financial stability in the digital age. With the rapid expansion of India’s BFSI sector and projected digital payments reaching $3.1 trillion by 2028, securing digital transactions is not just a compliance requirement but an economic imperative.

The report delivers a multi-dimensional view of the cyber threat landscape, combining real-world intelligence from SISA’s forensic investigations, CERT-In’s national oversight, and CSIRT-Fin’s sector-specific response expertise. It examines adversarial tactics, systemic vulnerabilities, and key attack vectors while offering actionable recommendations for preventive and detective security measures across people, processes, and technology.

Dr. Sanjay Bahl highlighted that cybersecurity must focus on securing entire ecosystems, not just individual entities. He stressed the importance of collaborative intelligence-sharing to stay ahead of fast-evolving threats, especially as AI-driven attacks and sophisticated fraud techniques become more prevalent.

Commenting on the report’s importance, Dharshan Shanthamurthy of SISA said, “Cyber resilience is built on collaboration. This report brings together deep threat intelligence and national-level insights to help financial institutions proactively defend against emerging threats and secure the future of digital finance.”

The Digital Threat Report 2024 is not just a state-of-the-industry assessment—it’s a call to action for financial institutions, regulators, and cybersecurity professionals to adopt a forward-looking and intelligence-led approach to security. As the BFSI sector continues to be at the heart of global digital transformation, this initiative marks a significant stride toward a secure, trusted, and resilient financial ecosystem in India.