Importance Of Cyber Security In Fintech

<p style="text-align: justify;">Can you believe it?</p><p style="text-align: justify;">A hacker has stolen 7.83 crore INR from Razorpay</p><p style="text-align: justify;">It is undoubtedly commendable the direction Fintech is moving towards, but at the same time, we also cannot ignore the fact that we should also focus on the need for the security of the data.</p><p style="text-align: justify;">The 831 unsuccessful transactions that took place made the company wonder. But later, it was realized that there was something fishy about the transactions.</p><p style="text-align: justify;">Razorpay uses the latest technology to protect its payment information. But the theft that took place is alarming for all the Fintech companies.</p><h2 style="text-align: justify;"><span style="font-size: 14pt;">Cybersecurity in Fintech Industry</span></h2><p style="text-align: justify;">The Financial services and the public companies deal with sensitive information. And when the data is related to money, it is even more valuable.</p><p style="text-align: justify;">The Fintech Industry has information like people spending data on which category with instruments like a Credit card, UPI, or Net banking. And so, it is very important that cybersecurity is strengthened.</p><p style="text-align: justify;">Privacy of data is currently a hot topic in countries like the US and UK. And our companies should also think about how to safeguard our data from getting hacked.</p><p style="text-align: justify;"><span style="font-size: 10pt;"><em>This article was contributed by our expert Vinay Gupta. &nbsp;</em></span></p><h3 style="text-align: justify;"><span style="font-size: 18pt;">Frequently Asked Questions Answered by Vinay Gupta</span></h3><h2><span style="font-size: 12pt;">1. How is FinTech Ensuring Cybersecurity?</span></h2><p style="text-align: justify;">Fintech Company uses The Payment Card Industry Data Security Standard (PCI DSS), a global body that sets compliance rules for Managing card Holder details.</p><p style="text-align: justify;">And also become ISO:27001 compliant to provide maximum security.</p><p style="text-align: justify;">Fintech companies conduct frequent 3rd party security audits to make sure consumer data is always well protected.</p><p style="text-align: justify;">RBI is also working to safeguard the consumer data, so they have asked Fintech Companies to secure Card details by tokenization system.</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">2. What is the biggest challenge in Fintech?</span></h2><p style="text-align: justify;">In the Fintech world, global data breaches are the biggest challenge.</p><p style="text-align: justify;">When a data breach occurs, it breaks trust and raises questions about the security systems of Fintech players.</p><p style="text-align: justify;">But it is also true that in India, we are not that focused on Data Breach, so for countries like India, the biggest issue is cybercrime and hacking.</p><p style="text-align: justify;">Also, we keep in mind our population is new to smartphones, and they are not well educated about financial safety.</p><p style="text-align: justify;">Once the OTP is shared, your account can be wiped up.</p><p style="text-align: justify;">Even this issue is so Big that there is whole Netflix web series about Financial Crime known as "Jamtara."</p>
KR Expert - Vinay Gupta

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