Threat Report 2024

by

  • 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.

  • 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.

  • 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.

  • 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.

  • Phishing Surges and AI Impact: Phishing attacks in India surged, with AI making these attacks more convincing via sophisticated email generation and chatbot scams.

  • Cloud Vulnerabilities Exploited: There has been a 180% increase in attacks exploiting cloud vulnerabilities like misconfigured services.

  • Key Recommendations: Proactive measures include employee training, regular vulnerability

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scans, real-time threat intelligence, and defense-in-depth strategies.

  • 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.