NEWS

• Artificial Intelligence (AI)-driven cyberattacks are on the rise.
• Report: Digital Threat Report-2024 by Cert-In (India’s cyber nodal agency) and SISA (a global cybersecurity firm).
• Focus: Banking, Financial Services, and Insurance (BFSI) sector.

KEY PREDICTIONS AND TRENDS

Rise of Scalable AI-Driven Threats

• AI-based attacks expected to become highly scalable and adaptable by 2025.
• Traditional cybersecurity measures likely to be insufficient.
• Both attackers and defenders are using AI.

Immediate Threat to BFSI

• Cyber threats now pose an immediate risk to the BFSI sector.
• Increasing frequency and complexity of attacks noted in 2024.

SECTOR-SPECIFIC CHALLENGES

Unique Vulnerabilities

• Interconnected infrastructure of BFSI sector increases risk.
• High-value financial data is a prime target.
• Complex technological environment enhances exposure.

Common Attack Vectors

• Phishing and compromised credentials remain primary threats.
• 175% increase in phishing attacks in H1 2024 compared to H1 2023.

AI-ENABLED ATTACK TECHNIQUES

Identity-Based Exploits

• AI used to exploit identity vulnerabilities.
• Increased sophistication in identity-based attacks.

Social Engineering and Deepfakes

• Social engineering attacks enhanced through AI.
• Deepfakes used in impersonation scams like Business Email Compromise (BEC).
• Misinformation campaigns driven by fake identities.

INDIA-SPECIFIC CONCERNS

• India witnessing a higher-than-average increase in deepfake identity fraud.
• Maintaining digital trust is becoming increasingly difficult.