New Delhi, April 7 There is an urgent need for unified cybersecurity framework to protect India's financial backbone as interconnected nature of the banking, financial services and insurance (BFSI) ecosystem means that a single cyberattack can have systemic repercussions, impacting multiple entities beyond the initial target,” S. Krishnan, MeitY Secretary, said on Monday.
This underscores the urgent need for coordinated cybersecurity efforts at a national and sectoral level, he said at the launch of India’s first ‘Digital Threat Report 2024’ by CERT-In (MeitY), CSIRT-Fin and SISA, a global cybersecurity company.
The report identifies sector-wide security gaps and emerging cyber risks, empowering BFSI institutions to strengthen defences.
“CERT-In and CSIRT-Fin play a vital role in mitigating these risks by collaborating with regulators, industry stakeholders, and global cybersecurity bodies to ensure timely detection, response, and recovery from cyber incidents,” said Krishnan.
The report will enable BFSI organisations to secure defences, minimise financial stability risks and build a collective cybersecurity strategy to counter sophisticated cyberattacks effectively
According to M. Nagaraju, IAS, Secretary, Department of Financial Services, Ministry of Finance, cybersecurity is no longer an optional safeguard but the foundation of financial stability in the digital age.
“As India’s BFSI sector rapidly expands, securing digital transactions is not just a regulatory necessity but an economic imperative. The Digital Threat Report 2024 for BFSI as a collaborative effort between national cybersecurity agencies and industry leaders highlights the urgency of an integrated approach - one that unifies technology, regulatory compliance, and proactive threat intelligence,” said Nagaraju.
The report provides a holistic analysis of the cybersecurity landscape shaping the BFSI sector.
The collaborative nature of this initiative, bringing together frontline cybersecurity providers, national agencies, and financial sector incident response teams, underscores the urgency of a proactive, intelligence-driven approach to mitigating digital risks.
The BFSI sector is at the heart of global digital transformation, with digital payments projected to generate $3.1 trillion by 2028, accounting for 35 per cent of total banking revenues.
However, the rapid shift to digital transactions has also expanded the attack surface for cybercriminals.
Dr Sanjay Bahl, Director General, Indian Computer Emergency Response Team (CERT-In), said that initiatives like these reinforce India’s commitment to setting global benchmarks in financial cybersecurity, ensuring that as digital transactions grow, they remain secure, trusted, and resilient against future threats.
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