Fintechs must brace for rising cybersecurity challenges

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₹625 crore. This fund will also be allocated to cybersecurity projects and be used by the cyber security response team: the Indian Computer Emergency Response Team (CERT-In). The sum allocated signals India's commitment to building a robust cybersecurity infrastructure.

Ironically enough, while the threat posed by cybercriminals is real, for cybersecurity experts, it presents an opportunity. The expansion of the digital economy has created a $2 trillion market opportunity for cybersecurity technology and service providers. This opportunity arises from the increasing adoption of technologies such as encryption, multi-factor authentication, biometrics, and artificial intelligence.

According to Canalys’ latest cybersecurity forecast, cybersecurity investments will grow by 13% in 2023. In 2023, small and large organizations feel compelled to broaden and deepen their cybersecurity defences, expand detection capabilities, and improve incident response to guard against digital crime. For cybersecurity experts in India, this drive to improve cybersecurity is an opportunity.

Cybersecurity will also play a vital role in helping India retain its position as a leading digital economy. Cybersecurity is vital to India’s fintech sector and the country’s future as a digital power. The Economic Survey 2023 has revealed that Indian consumers are rapidly adopting fintech products.

Quoting the latest Global FinTech Adoption Index, the report states that 87% of Indians have adopted fintech, while the global average is 64%. Fintech companies that have a robust cybersecurity framework and a trusted platform, can provide huge social and economic benefits, contribute to financial inclusion, and help small businesses grow. These companies are