NEW DELHI: In a landmark move to enhance cybersecurity resilience in Banking, Financial Services, and Insurance (BFSI) sector, global cybersecurity company SISA, in collaboration with CERT-In under the Ministry of Electronics and IT (MeitY) and CSIRT-Fin, on Monday released India’s first comprehensive Digital Threat Report 2024 for the BFSI industry.The report was officially launched by M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, and S. Krishnan, Secretary, MeitY, along with Dr Sanjay Bahl, Director General, CERT-In, and Dharshan Shanthamurthy, Founder and CEO of SISA, in New Delhi on Monday.
Speaking at the event, Nagaraju emphasized the critical need for robust cyber defenses in the financial sector, stating:
“Cybersecurity is no longer optional—it is the foundation of financial stability in the digital age. As India’s BFSI sector grows, securing digital transactions is not just a regulatory need but an economic imperative. This collaborative Digital Threat Report provides a strategic blueprint to help financial institutions identify vulnerabilities, strengthen defenses, and build long-term cyber resilience.”
The Digital Threat Report 2024 provides a holistic analysis of the cyber threat landscape impacting the BFSI industry. It examines current vulnerabilities, highlights emerging adversarial tactics, and offers forward-looking insights to help institutions prepare for both existing and future cyber risks.
India’s BFSI sector is central to the country’s digital transformation, with digital payments projected to reach $3.1 trillion by 2028, accounting for 35% of total banking revenue. However, this growth has also expanded the digital attack surface, making cybersecurity a top priority.
Krishnan noted: “In the interconnected BFSI ecosystem, a single cyberattack can have systemic repercussions. This underscores the urgent need for coordinated cybersecurity strategies. CERT-In and CSIRT-Fin play a pivotal role in working with regulators and industry leaders to ensure timely detection, response, and recovery from cyber incidents.”
Dr Sanjay Bahl, Director General of CERT-In, highlighted the importance of ecosystem-level security: “Cybersecurity is about protecting the entire digital ecosystem, not just individual organizations. With threats evolving rapidly, collaborative intelligence-sharing is essential. This report empowers financial institutions to stay ahead of adversaries and build long-term resilience.”
Developed with SISA’s forensic threat intelligence and enriched with insights from CERT-In and CSIRT-Fin, the report delivers actionable intelligence across three key dimensions—people, process, and technology. It identifies persistent security gaps, common attack vectors, and tactical shifts among cybercriminals, offering concrete recommendations to mitigate risks.
Dharshan Shanthamurthy, CEO of SISA, added: “Cybersecurity resilience is rooted in collaboration. This report merges national insights and real-world threat intelligence to help the BFSI sector stay ahead of evolving threats. Our mission is to ensure digital transactions are secure, seamless, and protected—both in India and globally.”
As cyber threats grow in complexity—driven by AI-powered attacks, advanced fraud schemes, and compliance challenges—the 2024 Digital Threat Report for BFSI calls upon financial institutions, regulators, and cybersecurity professionals to adopt a proactive and unified approach.
SISA is a global cybersecurity company specializing in forensic-driven solutions for the digital payments ecosystem. Trusted by over 2,000 organizations in 40+ countries, SISA delivers preventive, detective, and corrective cybersecurity services. With a human-centric and problem-first approach, SISA helps businesses strengthen their digital security posture using advanced forensic intelligence and cutting-edge technologies.
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