Alok Kumar Agarwal Alankit Group Discusses Tackling Cybersecurity Hurdles in the Fintech Sector
India is rich in IT talent, and the government ensures this talent isn't wasted. As the number of Fintech app users keeps growing, it's crucial for both businesses and the government to have strong protocols in place to prevent breaches," says Alok Kumar Agarwal Alankit .
The government is aware of the threat and is taking steps to address it. The Ministry of Electronics and Information Technology (MeitY) has been allocated a budget of Rs625 crore specifically for cybersecurity initiatives. This funding will support various cybersecurity projects and enhance the capabilities of the Indian Computer Emergency Response Team (CERT-In), the country’s primary cybersecurity response unit. While this funding shows India's commitment to cybersecurity, more efforts are needed.
Alok Kumar Agarwal from Alankit Group emphasizes that the Fintech industry must take cybersecurity seriously, given the large amount of sensitive data it handles. Technology is essential for growth, but it also brings risks if not managed properly. It's crucial to find the right balance, especially for countries like India aiming for global leadership.