Digital Threat Report 2024: Strengthening Cybersecurity in India

• Report Release: The Digital Threat Report 2024 was released by the Indian Computer Emergency Response Team (CERT-In), Computer Security Incident Response Team in the Finance sector (CSIRT-Fin), and SISA, a global cybersecurity company, focusing on the Banking, Financial Services, and Insurance (BFSI) sector.
• Key Focus: Highlights cryptocurrency as a new frontier for cyber threats, with threat actors shifting from Bitcoin to other cryptocurrencies like Monero (XMR) for illicit transactions.
• Cybercrime Trends:
• • Social Engineering: Business Email Compromise (BEC) and phishing attacks are increasingly precise, targeting BFSI institutions with tailored tactics bypassing traditional security.
  • Supply Chain Risks: Breaches via third-party vendors and open-source software pose significant threats, necessitating stricter vendor risk management.
  • Ransomware Surge: Evolving ransomware targets sensitive BFSI data, exploiting vulnerabilities for extortion.
• AI and ML Concerns: The rise of Artificial Intelligence (AI) and Machine Learning (ML) introduces new vulnerabilities, requiring robust security testing for AI-native applications’ APIs.
• Policy Recommendations:
• • Implement clear, comprehensive AI regulations for responsible deployment in the BFSI sector.
  • Conduct security testing of APIs in AI-driven applications to uncover hidden vulnerabilities.
• Cybersecurity Budget: Government has increased budget allocations for cybersecurity in recent years, but challenges remain in effective utilization, transparency, and accountability.
• I4C Initiatives: In 2018, the Ministry of Home Affairs established the Indian Cyber Crime Coordination Centre (I4C). In September 2024, four platforms were launched:
• • Cyber Fraud Mitigation Centre (CFMC): Addresses online financial fraud and scams through stakeholder collaboration.
  • Samanvaya Platform: Facilitates coordination among agencies to combat cybercrime.
  • Cyber Commandos Programme: Trains specialized personnel to counter cybersecurity threats.
  • Suspect Registry: A national database of cybercrime suspects, credited with preventing six lakh fraudulent transactions and saving ₹1,800 crore.
• Global Context: Defence Minister Rajnath Singh noted on April 10, 2025, that in “grey zone” and hybrid warfare, cyberattacks and disinformation campaigns are significant tools for politico-military aims.
• Kaspersky Report: Released in February 2025, it found one in three internet users in India targeted by web-borne threats in 2024, with 4,43,72,823 cyberthreats detected.
• Legal Mandate: In India, it is mandatory for organizations like banks, intermediaries, and data centers to report cybersecurity incidents, ensuring timely response and mitigation.

Glossary:

• Cybersecurity: Protection of digital systems and data from unauthorized access, attacks, or damage.
• Cryptocurrency: Digital currency using cryptography for secure transactions, like Bitcoin or Monero.
• Social Engineering: Manipulative techniques, such as phishing, to trick individuals into revealing sensitive information.
• Ransomware: Malicious software that encrypts data, demanding payment for access restoration.
• Indian Cyber Crime Coordination Centre (I4C): A national body under the Ministry of Home Affairs to coordinate efforts against cybercrime.

Link To The Original Article – https://indianexpress.com/article/upsc-current-affairs/upsc-essentials/knowledge-nugget-digital-threat-report-2024-cybersecurity-upsc-9936519/