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First-Ever Digital Threat Report 2024: India launched its first Digital Threat Report 2024 focusing on strengthening cybersecurity in the Banking, Financial Services, and Insurance (BFSI) sector.
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Unified Cybersecurity Framework: Emphasizes the need for a unified cybersecurity framework to protect India’s financial backbone, developed collaboratively by CERT-In, CSIRT-Fin, and SISA.
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Rising Cyberattack Costs: The BFSI sector saw a surge in cyberattacks, with global data breach costs rising to USD 4.88 million and USD 2.18 million in India.
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Digital Growth and Threat Exposure: BFSI’s digital growth, projected to reach USD 3.1 trillion in payments by 2028, is widening its cyber threat exposure.
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Phishing Surges and AI Impact: Phishing attacks in India surged, with AI making these attacks more convincing via sophisticated email generation and chatbot scams.
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Cloud Vulnerabilities Exploited: There has been a 180% increase in attacks exploiting cloud vulnerabilities like misconfigured services.
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Key Recommendations: Proactive measures include employee training, regular vulnerability
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Threat Report 2024
Multi-Dimensional Cyber Insights: The report integrates real-world cyber intelligence, offering a multi-dimensional perspective on emerging threats.
Collaborative Cyber Defense: The interconnected nature of the BFSI ecosystem necessitates coordinated cybersecurity efforts at national and sectoral levels.
Securing Digital Transactions: Securing digital transactions is crucial for economic stability as India’s BFSI sector rapidly expands.