Synopsis
The Indian government stresses the need for a unified cybersecurity framework to protect the BFSI sector from systemic risks posed by cyberattacks, particularly highlighted in the launch of the Digital Threat Report 2024 by key cybersecurity agencies.Key Takeaways
- Urgent need for unified cybersecurity framework.
- Systemic risks from interconnected BFSI sector.
- Report identifies security gaps and risks.
- Collaboration between agencies is vital.
- Digital transactions projected to reach $3.1 trillion.
New Delhi, April 7 (NationPress) There is an immediate requirement for a cohesive cybersecurity framework to safeguard India's financial infrastructure. The interconnected nature of the banking, financial services, and insurance (BFSI) sector indicates that a single cyberattack could lead to systemic consequences, impacting numerous entities beyond the primary target,” stated S. Krishnan, Secretary of MeitY, on Monday.
This highlights the pressing necessity for coordinated cybersecurity initiatives at both national and sectoral levels, as emphasized during the unveiling of India's inaugural ‘Digital Threat Report 2024’ by CERT-In (MeitY), CSIRT-Fin, and SISA, a global cybersecurity firm.
The report pinpoints sector-wide security vulnerabilities and emerging cyber threats, enabling BFSI institutions to bolster their defenses.
“CERT-In and CSIRT-Fin are crucial in lessening these threats by partnering with regulators, industry players, and international cybersecurity organizations to guarantee prompt detection, response, and recovery from cyber incidents,” remarked Krishnan.
The report aims to assist BFSI organizations in securing their defenses, reducing financial stability risks, and creating a unified cybersecurity strategy to effectively combat sophisticated cyberattacks.
As M. Nagaraju, IAS, Secretary of the Department of Financial Services, Ministry of Finance, noted, cybersecurity is now an essential foundation for financial stability in the digital era.
“With the rapid expansion of India’s BFSI sector, securing digital transactions is not merely a regulatory requirement but an economic necessity. The Digital Threat Report 2024 for BFSI, developed as a collaborative initiative between national cybersecurity agencies and industry leaders, emphasizes the importance of an integrated strategy – one that merges technology, regulatory compliance, and proactive threat intelligence,” Nagaraju stated.
The report offers a comprehensive overview of the cybersecurity environment influencing the BFSI sector.
The collaborative nature of this initiative, which unites leading cybersecurity providers, national agencies, and financial sector incident response teams, highlights the urgency for a proactive, intelligence-driven strategy to address digital risks.
The BFSI sector is central to the global digital transformation, with digital payments anticipated to yield $3.1 trillion by 2028, representing 35% of total banking revenues.
However, the swift transition to digital transactions has also broadened the attack surface for cybercriminals.
Dr. Sanjay Bahl, Director General of the Indian Computer Emergency Response Team (CERT-In), stated that initiatives like these reinforce India’s dedication to establishing global standards in financial cybersecurity, ensuring that as digital transactions expand, they remain secure, trustworthy, and resilient against potential threats.
