India’s Fintech industry is growing rapidly with digital transformation, but this also brings many cybersecurity challenges. Alok Agarwal from Alankit highlights the importance of data security, saying, “Digital financial services are interconnected, which makes them vulnerable to various threats like data breaches and complex cyber-attacks. Since Fintech companies handle sensitive customer information and financial transactions, they are prime targets for hackers looking to steal data or money.”

Cyber threats are becoming more advanced, and new technologies are expanding the areas that can be attacked, making it harder to ensure strong cybersecurity.

According to the 2023 India Threat Landscape Report by Singapore-based cybersecurity firm Cyfirma, India is now the biggest target for cyber-attacks worldwide, facing 13.7% of all such incidents.

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