Digital Threat Report 2024:
The Ministry of Electronics and Information Technology recently launched the Digital Threat Report 2024 for the Banking, Financial Services, and insurance (BFSI) sector.
- It is a collaborative effort by SISA (Strategic Information Services Agreement), a global cybersecurity company, in collaboration with the Computer Emergency Response Team (CERT-In, Ministry of Electronics and Information Technology) and CSIRT-Fin.
- It offers an in-depth analysis of the growing cybersecurity risks in India’s Banking, Financial Services, and Insurance (BFSI) sector.
- Built on frontline threat intelligence and real-world incident data, the report outlines a unified view of the cyber threat landscape and the shifting dynamics of digital security in an era of rapid technological transformation.
Key Highlights from the Report:
- Social Engineering on the Rise: Business Email Compromise (BEC) and phishing attacks have become more precise and damaging, targeting BFSI institutions with tailored tactics that bypass traditional security barriers.
- Supply Chain Vulnerabilities: Breaches through third-party vendors and open-source software have introduced threats at scale, underlining the need for stricter vendor risk management.
- Compliance Evolution: Regulatory frameworks are moving toward harmonization, transforming compliance from a rigid obligation into a strategic tool that can drive growth, improve operations, and build cyber resilience.
- Persistent Control Gaps: Misconfigurations, over-privileged access, and weak access controls continue to plague even the most security-conscious organizations.
- AI-Powered Threats: With artificial intelligence being leveraged by both defenders and attackers, the report warns of a future dominated by highly personalized, large-scale cyber attacks driven by AI technologies.
