India’s financial sector is staring at a new kind of cyber threat—and it’s wearing a digital mask. The Digital Threat Report 2024, backed by CERT-In, CSIRT-Fin, and cybersecurity firm SISA, flags cryptocurrency as a rising weapon of choice for cybercriminals.
Gone are the days when Bitcoin alone raised red flags. Now, attackers are shifting to stealthier currencies like Monero, which hides transaction details so well, it’s giving law enforcement agencies nightmares. With privacy coins on the rise, criminals can now launder and move money without leaving a trace.
But it doesn’t stop there. The report highlights a disturbing trend: crypto exchanges are now prime targets. WazirX faced a staggering $230 million loss, while Dubai-based Bybit suffered a record $1.5 billion crypto heist. Adding to the chaos, new malware is hunting crypto wallets and private keys, granting hackers full access to victims’ digital assets.
Meanwhile, AI is adding fuel to the fire. Deepfake tech—used to mimic voices and faces—is now being deployed to fool employees into approving shady transfers or revealing OTPs. LLMs (large language models) are also being exploited, especially in local deployments. Remember the infamous “grandma exploit” that tricked ChatGPT? It’s just the beginning.
With global crypto policies evolving and India rethinking its own stance, the message is clear: the digital battlefield is getting smarter, and so must our defences. The BFSI sector has no choice but to tighten its cyber armour—before it’s too late.
