Enhancing Cyber Resilience in India’s FinTech Industry in 2023
fintech india summit and awards 2023

Written by Raghu Rao

The Director of Content & Strategy, who covers how fintech is transforming and disrupting the financial industry in India. Also writes about digital financial services, sustainable finance and fintech market outlook.
Published on 10/08/2023

Enhancing Cyber Resilience in India’s FinTech Industry in 2023

The financial services industry is a very critical sector which needs a robust cyber security plan. A plan which can tackle problems emanating from cyber threats in the nation. The Reserve Bank of India has been vocal about adopting such a policy. India has always focused on safe guarding cross country money flows which is the back bone of the Indian business sector and important for a growing economy. The emphasis on drawing up a cyber security policy for the financial services sector has been connected with the surge in the fintech industry in India. The boom in varied financial technology products and their adoption, and the drive for financial inclusion gave rise to cyber attacks and at the same time, spurred the central bank’s focus on facilitation of regulatory policies to protect the financial sector, enterprises and consumers from cyber-attacks.

The RBI has been very critical on sanctioning new companies who are in the cross-border payments domain. The companies who apply for licenses are screened on their cyber security readiness and cyber resilience strategy before they are even allowed to operate, as an indication of the strict measures only 4 companies out of 27 were selected, based on the cyber security guidelines. With the fintech industry valued at USD 50 billion, the stakes are high and implementing a cyber security protocol becomes important for the success of the industry and the companies operating in the financial services sector.

Cyber resilience is currently an outsourced aspect of the finance industry, almost 30% of all the outsourced security and IT related work is contributed by the BFSI sector, and this demand is increasing as newer fintech companies, are looking for end to end cyber security solutions to strengthen their operations and service delivery. The fintech sector is heavily invested in collaborating with cyber security companies, to mitigate threats, implement preventive measures and safe guard their customers.

If you are a cyber security solution provider and are focused on providing your solutions to the BFSI sector, then you should not miss out on being a part of the 2nd Fintech India Summit & Awards 2023.

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