India has introduced its first comprehensive digital threat report, a strategic feature to improve cyber security over banking, financial services and insurance (BFSI). This publication emphasizes the importance of establishing a uniform and coherent Cyber security frame To protect the country’s financial infrastructure from growing digital threats.
The report Provides an in -depth analysis of the sector’s current security position, reveals systemic vulnerabilities and highlights the nature of developing cyber risks that threaten operational stability. By identifying these gaps, the report offers financial institutions a clear roadmap to improve their cyber security strategies and reinforce their digital defense.
“Cybersecurity is no Longer an Optional SafeGuard But the Foundation of Financial Stability in the Digital Age. As India’s BFSI Sector Rapidly Expands, Securing Digital Transactions is not just a regulatory necessity of Finnarje, se- Ministry of Finance, Said in a statement.
“The digital threat report 2024 for BFSI as a cooperation effort between national cyber security agencies and industry leaders highlights the urgency in an integrated strategy – one that combines technology, regulatory compliance and proactive threat intelligence. It acts as a strategic blueprint, which equipped their financial institutions with the intelligence required to predict, for the intelligence. Reserve in a financial institution with the intelligence required to predict wounds threat, ”added Nagaraju.
The report is designed as a proactive resource and encourages organizations within the BFSI echo system to remain vigilant and responsive before the introduction of Quickly promote cyber threats. This emphasizes the importance of anticipating future risks and adapting safety protocols accordingly to maintaining the long term resilience.
The report aims to equip India’s financial units with the knowledge and tools required to exceed cyber opponents. It supports the development of a more integrated, robust and future -clad cyber security Infrastructure – one that can protect integrity and stability of India’s financial systems in an increasingly digital world.
The report was launched by M. Nagaraju; S Krishnan, Secretary, Ministry of Electronics and Information Technology (Meity); Together with Sanjay Bahl, Director General, Computer Emergency Response Team (Cert-in); And Dharshan Shanthamurthy, founder and CEO of SISA, a global forensic driven Cybersecurity Solutions Company for the digital payment industry.
SISA applies the power of forensic intelligence and advanced technology to offer security to over 2,000 customers in more than 40 countries.
In accordance with To the Ministry of Electronics and IT is the BFSI sector at the heart of global Digital transformationwith digital payments Was projected to generate $ 3.1 trillion in 2028 and account for 35% of total bank revenue. However, the rapid transition to digital transactions has also extended the attack surface for cyber criminals. 2024 Digital Threat report differs by going beyond a basic overview of existing threats and potential vulnerabilities. It provides an in -depth exploration of the sophisticated tactics used by cyber opponents, especially those aimed at the basic operations of financial systems.
What distinguishes this report is its double focus: it not only reveals critical security weaknesses in the BFSI sector but also presents a strategic view of Developing threat landscape. By combining real -time threatening intelligence with predictive insight, the report provides financial institutions to proactively strengthen its cyber defense and stay before current and future challenges.
“The BFSI Industry Stands at A Unique IntersEction of Opportunity and Risk. As Non-Cash Transactions Continue to grow at an Extraordinary Pace, Fueled by the Shift to E-Commerce and the Digitization of B2B Payments, The Seplex Ekto ECO AN INCREE ENCREE The report said.
“While these progress opens new doors for innovation and Customer engagementThey also present attractive goals for cyber opponents who try to utilize vulnerabilities for profit. The journey to secure this ecosystem is far from over. Threats are constantly evolving, and as technology progresses, the tactics and motives for those who try to disturb it also do. The digital payment sector, with its enormous value and increasing dependence on interconnected systems, requires constant vigilance and adaptability to protect against new risks. “
AI transforms the Cybersecurity landscape
The report highlights it Artificial intelligence (AI) already transforms the cyber security landscape when the financial sector prepares for future challenges. While AI continues to operate innovation, it is also used by harmful actors to launch very targeted, stealthy and scalable cyber attacks. Given by 2025 and thereafter, these AI-driven threats are expected to surpass traditional defense strategies and force organizations to re-form how they discover, prevent and respond to developing cyber risks.
2024 met the BFSI industry one outstanding climb In the complexity, frequency and variety of cyberattacks, which signals a dramatic change in the threat landscape. The global average cost of a data violation has risen to a record-breaking $ 4.88 million-one 10% jump from 2023 in India, the average violation cost has reached $ 2.18 million, the report These figures emphasize the escalating financial risks and the critical need for robust Cybersecurity strategies.
During the first half of 2024, India’s financial sector experienced an astonishing 175% increase in phishing attacks compared to the same period in 2023, which reflected the intensifying threat activity within an already unstable cyber security environment. Cloud -based vulnerabilities have become an important attack vector, revealing weaknesses in intricate digital infrastructures and significantly enlarging financial losses and operational disorders. At the same time, the attacks for the supply chain have become more sophisticated and utilized the system’s interconnected nature to infiltrate even the safest networks through persistent, adaptive strategies.
When cyber criminals adopt AI to improve their tactics, identity -based attacks have become increasingly advanced and widespread. AI’s ability to manipulate Identity data and avoid security measures by convincing social technology, the threat landscape transforms.
An alarming development is the increase in deep fake technology, which drives large-scale imitations-from the executive level of business messages (BEC) attacks for coordinated error information campaigns. In India, where incidents of deepfake-driven identity fraud increases faster than the global average, organizations now confront serious and outstanding threat to digital trust and integrity, the report says.
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