New Delhi: In a milestone move to enhance cybersecurity resilience in India's financial ecosystem, the Ministry of Electronics and Information Technology (MeitY), in collaboration with the Department of Financial Services, CERT-In, CSIRT-Fin, and global cybersecurity leader SISA, launched the Digital Threat Report 2024 for the Banking, Financial Services and Insurance (BFSI) sector.
The report marks India's first comprehensive analysis dedicated to identifying sector-wide vulnerabilities, mapping emerging cyber risks, and outlining defense strategies critical to safeguarding the digital financial infrastructure.
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A Collective Step Toward Cyber Resilience
Speaking at the launch event, Shri S. Krishnan, Secretary, MeitY, emphasized the need for a unified cybersecurity framework, stating:
> “The interconnected nature of the BFSI ecosystem means a single cyberattack can ripple across multiple institutions. This necessitates coordinated efforts to detect, respond to, and recover from cyber incidents. The Digital Threat Report 2024, developed with SISA, equips BFSI organizations to proactively counter sophisticated cyber threats and enhance systemic resilience.”
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Cybersecurity: A Cornerstone of Financial Stability
Shri M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, underscored cybersecurity's integral role in maintaining economic trust and stability:
> “Cybersecurity is no longer optional—it is foundational to India’s financial integrity. As digital transactions expand, this report acts as a strategic blueprint to unify regulatory compliance, technology, and proactive intelligence to secure our digital financial future.”
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A Forward-Looking Threat Intelligence Framework
Dr. Sanjay Bahl, Director General, CERT-In, highlighted the report's mission to offer multi-dimensional cyber insights that go beyond threat identification:
> “Cybersecurity today is about safeguarding ecosystems, not just isolated entities. This report enables institutions to stay ahead of adversaries, build cyber resilience, and sets a global benchmark in financial cybersecurity.”
Leveraging intelligence from SISA’s forensic investigations, CERT-In’s national oversight, and CSIRT-Fin’s sectoral response capabilities, the report identifies critical attack vectors, systemic vulnerabilities, and evolving adversarial tactics—while offering practical recommendations to implement effective security across people, processes, and technologies.
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Call to Action for the BFSI Sector
The report arrives at a time when the BFSI sector is undergoing rapid digital transformation, with digital payments in India projected to surpass $3.1 trillion by 2028, contributing 35% of total banking revenue. However, this growth has also expanded the attack surface for cybercriminals, requiring a strategic pivot to intelligence-driven, collaborative defense mechanisms.
Dharshan Shanthamurthy, Founder & CEO, SISA, remarked:
> “Cyber resilience is a shared responsibility. This report is more than data—it’s a call to action. By combining real-world threat intelligence with national cybersecurity insights, we aim to enable secure, seamless, and future-ready digital financial services.”
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About SISA
SISA is a forensics-driven global cybersecurity solutions provider specializing in the digital payments industry. With a presence in over 40 countries and a client base of more than 2,000 organizations, SISA helps businesses strengthen their cybersecurity posture using a problem-first, human-centric approach anchored in forensic intelligence and cutting-edge technology.
With input PIB
[Report by Amit Deshmuk]
