DSCI and BCG warn midsize Indian BFSI face high risk
A fresh report from the Data Security Council of India (DSCI) and Boston Consulting Group (BCG) warns that midsize players in India's banking, financial services, and insurance sector (like NBFCs, small finance banks, and urban cooperative banks) are at high risk of cyberattacks.
While these organizations have gone digital fast, they're lagging behind on cybersecurity investments.
Indian BFSI underinvest as attacks accelerate
The report points out that Indian BFSI companies face cyberattacks 1.6 times more often than the global average.
Yet only 38% spend over 10% of their IT budgets on cybersecurity (compared to 76% worldwide).
New AI tools like Mythos mean hackers can mount a full enterprise network attack for just $80, and attacks happen much faster now.
The takeaway? These firms need to step up their digital defenses (and protect their own AI systems) before things get worse.