Financial cybercrime in India has been steadily increasing over the years. For the year 2015-16, the Reserve Bank of India (RBI) reported 16,468 cybercrimes related to ATM, debit card, credit card and net banking frauds. Financial sector faced almost three times the cyber-attacks as compared to that of the other industries. This paper seeks to provide a view of the current cyber threats targeting the banking industry in order to promote dialogue on collective protection strategies. The cyber challenge will remain complex. Threats will evolve rapidly with the development of new technologies, the ever changing geo-political landscape and, not surprisingly, from our efforts to counter them.