In a landmark move to strengthen cybersecurity across the Banking, Financial Services, and Insurance (BFSI) sector, the Indian Computer Emergency Response Team (CERT-In), CSIRT-Fin, and global cybersecurity firm SISA have jointly launched the Digital Threat Report 2024. This comprehensive report offers critical insights into the evolving cyber threat landscape and emerging defense strategies tailored for the BFSI ecosystem.

The report was officially unveiled by Shri M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, and Shri S. Krishnan, Secretary, Ministry of Electronics and IT, alongside Dr. Sanjay Bahl, Director General of CERT-In, and Dharshan Shanthamurthy, Founder and CEO of SISA.

A United Front in Cybersecurity

During the launch, Shri S. Krishnan emphasized the growing cyber risks accompanying the BFSI sector’s rapid digital transformation. He stated that the interconnected nature of financial systems means a single breach could trigger systemic impacts across multiple entities. Highlighting the collaborative nature of the report, he noted that partnerships between CERT-In, CSIRT-Fin, and industry stakeholders like SISA are vital to developing timely and coordinated cyber defense mechanisms.

Cybersecurity: The Foundation of Economic Trust

Underscoring the economic importance of cybersecurity, Shri M. Nagaraju remarked that safeguarding digital transactions is not only a regulatory requirement but an economic necessity. He called the report a “strategic blueprint” that will help financial institutions anticipate vulnerabilities and fortify cyber defenses in an increasingly complex threat environment.

A Holistic View of the Threat Landscape

The Digital Threat Report 2024 offers a panoramic analysis of sector-specific vulnerabilities, attack vectors, and evolving adversarial tactics. It integrates intelligence from SISA’s forensic investigations, CERT-In’s oversight, and CSIRT-Fin’s incident response capabilities. With digital payments projected to generate $3.1 trillion by 2028, the report arrives at a critical time as cybercriminals expand their focus on the rapidly growing digital financial space.

Dr. Sanjay Bahl reiterated the need for a collaborative and intelligence-driven approach, emphasizing that cybersecurity in today’s digital era must extend beyond individual organizations to encompass the entire financial ecosystem.

Actionable Intelligence for Resilience

SISA’s CEO Dharshan Shanthamurthy highlighted that the report is not just an analysis but a call to action. “By bringing together forensic intelligence, regulatory insights, and real-world incidents, we’re empowering financial institutions to pre-empt threats and build enduring cyber resilience,” he said.

The Digital Threat Report 2024 sets the stage for a proactive, sector-wide cybersecurity strategy. It provides BFSI players with practical recommendations across people, processes, and technology—equipping them to counter sophisticated threats and navigate an increasingly digital financial landscape with confidence.