The report says that the majority of cyber incidents in 2021 and 2022 were focused differently. While 2021 targeted banking entities on a global scale and North America with equal fervour, in 2022, there was a marked shift in interest towards Asia vis a vis North America. Incidents focusing on Europe, South America and the Middle East have also reported an upsurge in 2022.

India has been at the forefront of attacks targeted at the Asian region. 7.4 percent of the targeted attacks in the year 2022 were targeted toward the Indian subcontinent. Whether it was nationalised banks, crypto exchanges or wallets, NBFCs or credit card information leaks, India has emerged to be the newfound hotbed for cyberattacks in Asia. It can be attributed to the growing digitalisation and online banking systems that were catapulted during the pandemic.

The fast-track digitalisation and ubiquitous banking services have accelerated the growth of threats against the banking sector. The unprecedented growth of blockchain and cryptocurrency has further given threat actors access to the sector like never before.

BFSI - the prime target for cyberattack.