India's Growing Cyber Security Challenge in Financial Sector

As India advances in digital infrastructure, cyberattacks have surged, particularly in the financial sector. The sophistication and variety of these attacks pose serious threats, amplified by state-sponsored actors. Effective coordination across sectors is crucial for addressing the vulnerabilities and ensuring the security and resilience of the digital ecosystem.

India's shift to digital grid systems and smart meters is making the nation increasingly vulnerable to cyberattacks, according to G20 Sherpa Amitabh Kant. These attacks have debilitating ramifications for national stability and daily operations.

Kant highlighted a significant rise in sophisticated cyber threats, particularly within the banking, financial services, and insurance sectors. Between 2021 and 2024, India saw a nearly 300% spike in state-sponsored cyber incidents, with over 3,000 attacks targeting businesses weekly.

The cybersecurity study by Lisianthus Tech underscores the role of international hackers, particularly from China and Russia, employing advanced malware. As cyber warfare becomes a strategic concern, a coordinated response involving defense, intelligence, and private sectors is essential.

(With inputs from agencies.)