As India's Fintech industry rapidly transforms with digital advancements, it faces numerous cybersecurity challenges that require careful attention. Alok Kumar Agarwal Alankit emphasizes the importance of data security, stating, "The interconnected nature of digital financial services exposes the sector to various threats, from data breaches to advanced cyber-attacks. Fintech companies, handling sensitive customer information and financial transactions, are prime targets for cybercriminals looking for unauthorized access and financial gain."
The growing sophistication of cyber threats, along with the expanding reach of new technologies, makes it increasingly challenging to maintain strong cybersecurity measures.
According to the 2023 India Threat Landscape Report by the Singapore-based cybersecurity firm Cyfirma, India has become the main target for cyber-attacks globally, accounting for 13.7% of all incidents.