India has introduced its inaugural Digital Threat Report 2024, a collaborative effort by the Ministry of Electronics and Information Technology (MeitY), the Indian Computer Emergency Response Team (CERT-In), CSIRT-Fin, and global cybersecurity firm SISA. This report aims to bolster cybersecurity resilience within India's Banking, Financial Services, and Insurance (BFSI) sector. 

Key Highlights:

Surge in Cyberattacks: The BFSI sector experienced a 175% increase in phishing attacks in 2024 compared to the previous year, underscoring a rapidly evolving threat landscape. 

AI-Driven Threats: Cybercriminals are increasingly utilizing artificial intelligence, including deepfake technology and identity-based fraud, to craft sophisticated phishing emails and impersonate executives, challenging traditional security measures. 

Call for Enhanced Cybersecurity Measures: The report emphasizes the necessity for a unified approach to cybersecurity, advocating for collaboration among national agencies, financial institutions, and cybersecurity firms to mitigate risks and protect the sector against advanced threats.

The Digital Threat Report 2024 serves as a critical resource, offering insights into emerging cyber threats and providing strategies to strengthen the cybersecurity framework of India's BFSI sector.