India’s financial sector is facing a significant increase in cyber threats, with over 1.3 million incidents reported in the last year alone. Fraudsters are taking advantage of weaknesses in digital payment systems, resulting in losses amounting to ₹5,574 crore within just the first ten months of 2023.
Banks and financial institutions are the primary targets, encountering complex cyber attacks such as ransomware and data breaches. Experts emphasize the urgent need for enhanced cybersecurity measures leveraging advanced technologies including:
- Artificial Intelligence (AI)
- Blockchain
Public-private partnerships are also highlighted as essential for sharing threat intelligence and strengthening defense strategies against cyber criminals. The Reserve Bank of India (RBI) is recommended to broaden its regulatory sandbox to incorporate comprehensive cybersecurity testing of new financial products.
Furthermore, the integration of cyber liability insurance is suggested as an effective way to manage the escalating risks. India plans to learn from global best practices by developing a more resilient financial ecosystem featuring:
- Real-time threat detection
- Automated security tools
These measures are critical to safeguarding sensitive data, maintaining trust, and ensuring the stability of India’s financial system amidst growing cyber threats. Stay tuned to Questiqa India News for further updates on this pressing issue.
