India has taken a significant step towards securing its digital financial ecosystem by launching the Digital Threat Report 2024 tailored for the Banking, Financial Services, and Insurance (BFSI) sector. The report is a joint initiative by the Ministry of Electronics and IT (MeitY), CERT-In, CSIRT-Fin, and global cybersecurity company SISA.
Launched by MeitY Secretary S. Krishnan, DFS Secretary M Nagaraju, and CERT-In Director General Dr. Sanjay Bahl, the report provides a comprehensive analysis of emerging cyber threats, sectoral vulnerabilities, and actionable strategies to mitigate risks. With India’s BFSI sector rapidly digitizing, the report highlights the urgent need for a unified cybersecurity framework to defend against increasingly sophisticated attacks.
“A single cyberattack can ripple across the ecosystem. This report reinforces the need for collaboration between regulators, industry leaders, and global agencies,” said Shri S. Krishnan.
Dr. Sanjay Bahl Calls for Ecosystem-Wide Security Measures
Dr. Sanjay Bahl, Director General of CERT-In, played a pivotal role in the launch and emphasized that cybersecurity must evolve from isolated safeguards to ecosystem-wide strategies.
“Cybersecurity is not just about protecting individual entities – it’s about securing an entire ecosystem. In today’s hyper-connected world, threats evolve faster than ever. This report is meant to empower financial institutions to stay ahead of adversaries, adapt to emerging risks, and build long-term cyber resilience,” said Dr. Bahl.
He further stressed that India’s commitment to setting global cybersecurity benchmarks is essential to ensure that as digital transactions grow, they remain secure, trusted, and resilient. The report delivers multi-dimensional threat intelligence by integrating CERT-In’s cybersecurity oversight and CSIRT-Fin’s incident response capability.
Cybersecurity as an Economic Imperative
At the launch, Shri M. Nagaraju, Secretary of the Department of Financial Services, emphasized that cybersecurity is no longer optional—it is now the foundation of financial stability in the digital age.
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He stressed that the BFSI sector, projected to handle $3.1 trillion in digital payments by 2028, is a prime target for cybercriminals. The Digital Threat Report 2024 addresses this vulnerability by proposing an integrated security approach that blends technology, regulatory compliance, and threat intelligence.
“Cybersecurity is now an economic imperative. Institutions must anticipate vulnerabilities and build long-term resilience,” said Nagaraju.
Real-Time Threat Insights and Practical Solutions
The report offers real-world threat intelligence collected through collaborative efforts between CERT-In and CSIRT-Fin. It delivers sector-specific recommendations and helps institutions implement preventive, detective, and corrective measures across their people, processes, and technologies.
According to Dr. Sanjay Bahl, the initiative sets a global benchmark for financial cybersecurity. He noted that AI-driven fraud, data exfiltration, and credential theft are growing challenges that require collaborative response models.
“It’s not about protecting one bank or insurer—it’s about securing the entire ecosystem,” he reaffirmed.
The report serves as a strategic guide for BFSI institutions to prepare for evolving threats such as deepfakes, malware, SIM cloning, and ransomware, equipping them to respond swiftly and build cyber resilience.
