By Praveen Paulose – CEO & MD, Celusion Technologies
IntroductionThe advancement in the Indian fintech space calls for strengthening the cybersecurity infrastructure to facilitate the seamless functioning of various financial operations. A robust cybersecurity regulation is the first defense against cyberattacks and fraud.
The government’s Digital India initiative and the proliferation of affordable smartphones have catalysed this transformation largely in the current scenario. As a result, even rural parts of India have seen an exponential rise in digital financial transactions. While this is undoubtedly a positive development, it has also exposed rural areas to new challenges, primarily cybersecurity-related.
Causes of cyber attacksIndia is a diverse nation, with a significant portion of its population residing in rural areas. Historically, accessing financial services in these regions has been challenging due to limited banking infrastructure. However, the advent of fintech has transformed the financial landscape. Digital payment platforms and mobile banking apps have made sending and receiving money, paying bills, and accessing credit easier for people.
The increasing digitization of financial services in India has made the region more susceptible to cyber threats. Several unique challenges need to be addressed to solidify the cybersecurity of payment infrastructure in urban and rural areas. The first begins with limited digital literacy. Many Indians lack the necessary digital exposure and adequate digital knowledge to understand the risks associated with online transactions. This lack of awareness can lead to risky behaviours, such as sharing passwords and personal information.
Improvements Required in the SectorThe growing penetration of fintech in Indian businesses requires a lot of ground-level training so that the users are well aware of their vulnerabilities. Many individuals and small businesses must know the best practices for protecting their financial data. Fintech companies must cater to users with ..
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