India's Fintech industry is growing rapidly, but with this growth comes significant cybersecurity challenges. Highlighting the importance of protecting data, Alok Agarwal Alankit explains, “Digital financial services are deeply interconnected, making them vulnerable to various threats like data breaches and advanced cyber-attacks. Fintech companies handle sensitive customer data and financial transactions, which makes them attractive targets for cybercriminals.”
The problem is made worse by increasingly advanced cyber threats and the larger attack surface created by new technologies, making strong cybersecurity measures essential.
According to the 2023 India Threat Landscape Report by Singapore-based cybersecurity firm Cyfirma, India has become the world's top target for cyber-attacks, accounting for 13.7% of all incidents globally.