Fri Jan 31 15:09:36 UTC 2025: ## Indian Banks Bear Brunt of Cyberattacks Despite High Global Cybersecurity Ranking
**New Delhi, January 31, 2025** – India’s financial sector, while boasting a top global cybersecurity ranking, remains vulnerable to cyberattacks, according to the Economic Survey 2024-25. The report reveals that banks are the hardest hit, accounting for nearly one-fifth of all reported cyber incidents.
The survey highlights a surge in cyber threats targeting the financial sector amidst its digital transformation. These threats range from phishing and ransomware to DDoS attacks and malicious mobile applications, posing significant risks to the stability of the financial system. Data from the Indian Computer Emergency Response Team (CERT-In) shows a substantial number of cybersecurity incidents handled in recent years (1.16 million in 2020, 1.4 million in 2021, and 1.39 million in 2022).
The report cites the International Monetary Fund’s April 2024 Global Financial Stability Report, which indicates a fourfold increase in financial losses due to cyberattacks since 2017, reaching $2.5 billion. These figures encompass both direct losses and indirect costs such as reputational damage and increased security measures.
Despite these challenges, India achieved a Tier 1 ranking in the Global Cybersecurity Index (GCI) 2024, scoring 98.49 out of 100. This success is attributed to the government’s initiatives in enhancing cyber resilience and establishing robust legal frameworks. The Reserve Bank of India (RBI) has also played a key role, implementing new regulations on IT outsourcing and cyber resilience for digital payments. The survey emphasizes the effectiveness of India’s legal institutions in combating cybercrime and protecting digital infrastructure. However, the persistent targeting of banks underscores the ongoing need for heightened vigilance and proactive security measures within the financial sector.
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