(THE GIST OF PIB) Digital Threat Report 2024

(APRIL-2025)

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.

About Digital Threat Report 2024:

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.