Importance Of Cyber Security In Fintech
A hacker stole ₹7.83 crore from Razorpay, raising serious concerns about data safety in Fintech. Despite advanced tech and audits, this breach shows why cybersecurity must be every Fintech’s top priority. Learn how companies can strengthen protection and rebuild consumer trust.
Can you believe it?
A hacker has stolen 7.83 crore INR from Razorpay
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.
The 831 unsuccessful transactions that took place made the company wonder. But later, it was realized that there was something fishy about the transactions.
Razorpay uses the latest technology to protect its payment information. But the theft that took place is alarming for all the Fintech companies.
Cybersecurity in Fintech Industry
The Financial services and the public companies deal with sensitive information. And when the data is related to money, it is even more valuable.
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.
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.
This article was contributed by our expert Vinay Gupta
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