In April 2025, the Ministry of Electronics and Information Technology (MeitY) launched the 1st edition of Digital Threat Report 2024 for the Banking, Financial Services, and Insurance (BFSI) sector. The report provides a comprehensive overview of current and emerging cyber threats and defense strategies.
- The report aims to highlight adversaries’ playbooks, recommend preventive and detective controls, predict future attacks and highlight current trends and select cases; and examine the impact of Artificial Intelligence (AI) in breaches.
Key Dignitaries: The report was officially launched by M Nagaraju, Secretary, Department of Financial Services (DFS), Ministry of Finance (MoF) along with S Krishnan, Secretary of MeitY; Dr. Sanjay Bahl, Director General (DG) of New Delhi (Delhi)-based The Indian Computer Emergency Response Team (CERT-In) under MeitY and Dharshan Shanthamurthy, founder and Chief Executive Officer (CEO) of SISA Information Security.
Key Points:
i.The report was developed by CERT-In in collaboration with New Delhi (Delhi)-based Computer Security Incident Response Teams – Finance Sector (CSIRT-Fin) and SISA, a global forensic-driven cybersecurity solutions company for the digital payment industry.
- The report prepared in partnership with SISA, will enable BFSI organisation to secure defenses, reduce financial stability risks, and build a collective cybersecurity strategy to tackle sophisticated cyber attacks effectively.
ii.The report is based on a synthesis of various sources like: direct observations from SISA’s digital forensics and incident response (DFIR) investigations; cybersecurity reports and data pointers; and observations of CSIRT-Fin, CERT-In.
iii.The report provides a multi-dimensional perspective by combining real-time intelligence from national cyber agencies with sector-specific information, identifying key attack vectors, systemic vulnerabilities, and rising threat actor tactics.
iv.The report emphasized on the adoption of ‘integrated approach’ which unifies technology, regulatory compliance, and proactive threat intelligence.
- It serves as strategic tool, equipping financial institutions with intelligence required to predict vulnerabilities, strengthen their defenses, and cyber resilience in an era of increasingly sophisticated threats.
v.With digital payments in India projected to generate USD 3.1 trillion by 2028, which will account 35% of the total banking revenues, the BFSI sector is increasing being targeted by cyber-criminals.
About Ministry of Electronics and Information Technology (MeitY)
Union Minister- Ashwini Vaishnaw (Rajya Sabha member- Odisha)
Minister of State (MoS)- Jitin Prasada(Constituency- Pilibhit, Uttar Pradesh, UP)
About The Indian Computer Emergency Response Team (CERT-In):
Director General (DG)- Dr. Sanjay Bahl
Headquarters- New Delhi, Delhi
Established- 2004
