Alok Kumar Agarwal on Overcoming Cybersecurity Challenges in Fintech
The Indian Fintech industry reached a market size of $50 billion in 2021 and is expected to grow to about $150 billion by 2025. According to the Economic Survey 2023, there has been a rapid and widespread adoption of Fintech products among Indian consumers. The survey, citing the latest Global Fintech Adoption Index, reveals that 87% of Indians have embraced Fintech, which is much higher than the global average of 64%. This shows the sector's rapid growth and technological advancement.
As India’s Fintech industry undergoes a rapid digital transformation, it faces many cybersecurity challenges that require careful attention. Alok Kumar Agarwal Alankit emphasizes the importance of data security. He says, “The interconnected nature of digital financial services exposes the sector to various threats, including data breaches and sophisticated cyber-attacks. Fintech companies, which handle sensitive customer information and financial transactions, are prime targets for malicious actors looking for unauthorized access and financial gain.”