 sector, CERT-In (MeitY), CSIRT-Fin, and SISA, a global cybersecurity company){kind=link}
APRIL 7: In a significant move to bolster cybersecurity resilience in India’s Banking, Financial Services, and Insurance (BFSI) sector, CERT-In (MeitY), CSIRT-Fin, and SISA, a global cybersecurity company, have launched the Digital Threat Report 2024. This collaborative initiative offers an in-depth analysis of current and emerging cyber threats, along with defense strategies specifically designed for the BFSI sector.
The launch event featured prominent figures, including Shri M Nagaraju, Secretary, Department of Financial Services, Ministry of Finance; Shri S. Krishnan, Secretary, Ministry of Electronics and Information Technology (MeitY); Dr. Sanjay Bahl, Director General, CERT-In; and Dharshan Shanthamurthy, Founder and CEO of SISA. These leaders emphasized the urgent need for a unified and robust cybersecurity approach to secure India’s expanding digital financial landscape.
During the launch, Shri S. Krishnan highlighted the growing cyber risks linked to the rapid digital transformation in the BFSI sector. He stressed that the interconnected nature of the financial ecosystem makes it vulnerable to systemic disruptions caused by cyberattacks. “A single cyberattack can affect multiple entities, leading to widespread consequences,” he noted, underlining the need for coordinated efforts across national and sectoral levels. The collaboration between CERT-In, CSIRT-Fin, and global cybersecurity bodies ensures timely detection, response, and recovery from cyber incidents.
Shri M. Nagaraju echoed these sentiments, emphasizing that cybersecurity has become the foundation of financial stability in the digital age. He stated, “As India’s BFSI sector grows, securing digital transactions is not just a regulatory necessity but an economic imperative.” The report, he explained, offers a comprehensive strategy for BFSI institutions to anticipate vulnerabilities, strengthen defenses, and build cyber resilience amidst increasingly sophisticated threats.
The Digital Threat Report 2024 provides a holistic view of the cybersecurity landscape in the BFSI sector. It identifies sector-wide security gaps and emerging vulnerabilities, empowering financial institutions to better understand the evolving threat environment. The report also delves into adversarial tactics affecting system-level operations, offering insights on both current risks and future challenges. It aims to equip financial institutions with the tools necessary to prepare for both today’s and tomorrow’s cyber threats.
As digital payments in India are projected to generate $3.1 trillion by 2028, cybersecurity becomes an essential aspect of maintaining financial stability. This report is a crucial step in ensuring the BFSI sector is prepared to mitigate risks and safeguard its infrastructure against the growing wave of cyber threats.