Why in News? 

The Ministry of Electronics and Information Technology has recently released the Digital Threat Report 2024 for the Banking, Financial Services, and Insurance (BFSI) sector. 

About  

• This report is a joint effort by SISA (Strategic Information Services Agreement), a global cybersecurity company, along with CERT-In (from the Ministry of Electronics and IT) and CSIRT-Fin. 
• It studies the growing cybersecurity risks faced by banks, financial services, and insurance companies in India. 
• Using real cases and threat data, the report gives a clear picture of the current digital dangers and how cybersecurity is changing with new technology. 

Key Points from the Report 

• Rise in Social Engineering Attacks: Cybercriminals are using smarter tricks like phishing and business email scams that are harder to detect and target financial institutions directly. 
• Weakness in Supply Chains: Hackers are attacking through third-party vendors and open-source software, showing the need for better control over partners and suppliers. 
• Changing Compliance Rules: Rules and regulations are now being updated to not just meet legal needs but also help companies grow, work better, and stay secure. 
• Ongoing Security Gaps: Even companies with strong security often make mistakes like wrong settings, giving too many permissions, or weak access rules. 
• AI-Based Threats: Both cyber defenders and attackers are using artificial intelligence. The report warns that future attacks will be faster, smarter, and more personal because of AI.