In this blog, we will discuss the Digital Threat Report 2024, a crucial document released by the Ministry of Electronics and Information Technology (MeitY) in collaboration with SISA, CERT-In, and CSIRT-Fin. The report uncovers the rising cyber risks in India’s Banking, Financial Services, and Insurance (BFSI) sector, highlights real-world cyber incidents, and suggests effective strategies to enhance digital safety. With digital transactions becoming the backbone of our economy, this report acts as both a warning and a guide for institutions and individuals to strengthen cyber defense.
Why in News?
The Ministry of Electronics and Information Technology (MeitY) recently released the Digital Threat Report 2024, focusing on cyber threats in India’s Banking, Financial Services, and Insurance (BFSI) sector. The report highlights how banks and other financial institutions are facing growing threats from hackers and how these threats can affect national financial security.
What is the Digital Threat Report 2024? 
The Digital Threat Report 2024 is a joint effort by:
- SISA, a company that works on cyber security,
- CERT-In (Computer Emergency Response Team – India), under MeitY,
- And CSIRT-Fin, which is a special team that handles cyber security for financial institutions in India.
The report gives a clear picture of the different types of cyber threats that are becoming more common in the financial sector. It is based on real-life incidents and problems faced by Indian banks and financial services in the last year.
Purpose of the Digital Threat Report
As more and more people and companies use online banking and digital payments, the risk of cyber attacks is also increasing. The purpose of this report is to:
- Help banks and financial companies understand the current risks
- Share examples of actual incidents so others can learn from them
- Suggest ways to improve safety and prevent such attacks in the future
- Support the government and industry in making rules to protect digital finance
Key Findings of the Digital Threat Report 2024
Rise in Social Engineering Attacks
- Phishing and Business Email Compromise (BEC) are now more common. In such attacks, hackers trick people into clicking on harmful links or sharing personal information.
- These types of attacks are done through emails that look very real and convincing, often using names of trusted people or companies.
- Many employees fall for such tricks, especially in small banks and institutions where training is limited.
Threats from Third-Party Vendors
- Many financial institutions depend on other companies (vendors) for software and services.
- If these vendors do not follow strong cyber safety rules, hackers can enter through them and attack the main bank system.
- For example, a small mistake by a software company that provides services to a bank can open the door for a hacker to steal sensitive financial data.
Changing Rules and Regulations
- New rules are being made by regulators to ensure banks follow minimum cyber safety standards.
- Earlier, following rules was just a formality for many banks. Now, it is becoming an important part of running a safe business.
- Good cyber practices are also being linked to better business reputation and customer trust.
Weak Internal Controls
- Even well-established banks sometimes make basic mistakes in managing their systems. The report found common problems like:
- Giving too much system access to staff who don’t need it
- Using old or weak passwords
- Not updating software regularly
- Failing to set up secure login methods
- These weaknesses make it easier for hackers to break into systems and steal data.
Lack of Skilled Manpower
- Many smaller banks and insurance companies do not have trained staff who understand cyber security.
- The report suggests the need to train more people and hold regular workshops to improve knowledge.
Suggestions in the Report
To reduce digital threats, the report makes the following suggestions:
- Set up stronger checks for people and companies who have access to financial data.
- Make sure all vendors and third-party companies follow strict safety guidelines.
- Regularly update systems and check for weak points.
- Conduct mock drills or practice tests to see how prepared the bank is for a cyber attack.
- Improve cooperation between private banks, government departments, and cyber security agencies.
- Create a common platform where banks can share information about recent cyber threats.
Importance of the Digital Threat Report for India
India is moving fast toward a digital economy. Most people now use mobile banking, internet banking, UPI, and online insurance services. If these systems are attacked, it could cause serious harm to the economy and public trust.
The Digital Threat Report 2024 reminds us that safety in the digital world is as important as physical security. It is not just the government’s job but also the duty of each bank, employee, and customer to be alert.
Read: How the Constitution of India Was Amended 106 Times in 7 Decades
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