India Launches First Digital Threat Report 2024 to Safeguard BFSI Cybersecurity

In a landmark move to enhance cybersecurity across India’s Banking, Financial Services, and Insurance (BFSI) sector, the Ministry of Electronics and Information Technology (MeitY), through CERT-In and CSIRT-Fin, in collaboration with global cybersecurity firm SISA, launched the first Digital Threat Report 2024. This report presents a comprehensive landscape of existing and emerging cyber threats faced by the financial sector and offers strategic insights to counter them.

Launched by senior government officials, including Shri M Nagaraju (Secretary, Department of Financial Services) and Shri S Krishnan (Secretary, MeitY), the report underscores the need for a collective, intelligence-driven approach to cyber risk management within BFSI institutions.

The Importance of a Unified Cybersecurity Strategy

At the launch event, Shri S. Krishnan emphasised the systemic risks posed by cyberattacks in an increasingly interconnected financial ecosystem. A single breach can ripple across institutions, making coordinated cyber defence mechanisms critical.

He noted, “CERT-In and CSIRT-Fin play a vital role by collaborating with regulators and global bodies to ensure timely detection and response. The report, developed with SISA, will help the BFSI sector build collective resilience.”

Cybersecurity as a Pillar of Economic Stability

Highlighting the strategic importance of cybersecurity, Shri M. Nagaraju asserted that cyber defences are no longer optional, but foundational. As digital transactions grow exponentially, securing them becomes not just a regulatory requirement, but a cornerstone of economic trust and stability.

He added, “This report 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.”

Key Insights from the Report

The Digital Threat Report 2024 offers a multi-dimensional perspective, combining real-time intelligence from:

• SISA’s forensic investigations
• CERT-In’s cybersecurity oversight
• CSIRT-Fin’s sector-specific incident response

This convergence enables the identification of critical attack vectors, persistent vulnerabilities, and emerging adversarial tactics. The report doesn’t merely diagnose problems but delivers actionable insights across people, processes, and technologies to strengthen defences.

The Growing Threat Landscape in BFSI

With digital payments expected to touch $3.1 trillion by 2028, accounting for 35% of banking revenues, the BFSI sector’s digital expansion is both a growth engine and a vulnerability. The report addresses this duality by:

• Analysing prevalent threats and future risks
• Studying attacker methodologies that affect core systems
• Highlighting gaps that need urgent attention

This forward-looking analysis is intended to help institutions prepare for the evolving threat environment proactively.

India’s Global Cybersecurity Vision

Dr Sanjay Bahl, Director General of CERT-In, remarked that securing the BFSI sector is about safeguarding an entire digital ecosystem.

He stated, “In today’s hyper-connected world, threats evolve faster than ever, making collaborative intelligence-sharing essential. This report is meant to empower financial institutions to stay ahead of adversaries, adapt to emerging risks, and build long-term cyber resilience. Initiatives like these reinforce India’s commitment to setting global benchmarks in financial cybersecurity, ensuring that as digital transactions grow, they remain secure, trusted, and resilient against future threats.”

Enabling Action through Collaboration

SISA’s Founder & CEO, Dharshan Shanthamurthy, called the report a product of meaningful collaboration, bringing together industry and public sector expertise.

He said, “Cybersecurity resilience is built on collaboration. By integrating real-world threat intelligence, national cybersecurity insights, and financial sector incident response, this report delivers actionable intelligence that enables financial institutions to stay ahead of evolving threats. Our commitment extends beyond insights—we aim to fortify resilience in India’s BFSI sector and globally, driving a future where digital transactions are secure, seamless, and uncompromisingly protected.”

About SISA

SISA is a global, forensics-driven cybersecurity company trusted by over 2,000 organisations across 40+ countries. Specialising in digital payments, SISA combines forensic intelligence with cutting-edge technology to provide preventive, detective, and corrective solutions tailored to modern cybersecurity challenges.

Conclusion

The Digital Threat Report 2024 is not just an assessment but a strategic guide urging financial entities, regulators, and cybersecurity experts to adopt a unified, proactive posture. With the BFSI sector facing increasing threats from AI-powered fraud, regulatory pressures, and tech complexity, this report is a timely resource to navigate the ever-evolving threat landscape.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

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