Statsguru: India faces growing financial risks from cybersecurity breaches

Outgoing RBI governor Shaktikanta Das has listed maintaining of cybersecurity as one of six challenges for his successor Sanjay Malhotra. Given the rapid pace of digital technology adoption in India, it becomes pertinent to see the trend of cyber as well as digital financial frauds in the country.

 

The total number of cybersecurity breaches in India has zoomed from 2017 to 2023, and so has the number of those impacting government institutions (Chart 1). 

 

The number of digital financial frauds rose more than four times in FY24 year-on-year to comprise 80 per cent of all financial frauds. On similar