A STUDY ON FINANCIAL TECHNOLOGY & CYBER SECURITY IN INDIA

Abstract

Financial technology, or fintech, is a rapidly growing industry that has revolutionized the financial services sector in recent years. With the rise of fintech, traditional banking practices have been challenged, and new and innovative solutions have emerged. Cybersecurity threats have increased in frequency and sophistication, and the financial sector is one of the prime targets of cyber attackers. Fintech companies, in particular, face unique cybersecurity challenges due to the large amounts of sensitive data they handle. The potential consequences of a cybersecurity breach can be severe, including financial losses, reputational damage, and loss of customer trust. This research paper examines the relationship between financial technology - fintech and cybersecurity. Fintech is an emerging industry that has revolutionized the financial services sector, providing innovative and convenient solutions to customers. However, with the increasing reliance on technology, there are growing concerns over cybersecurity risks and threats. The study reviews the evolution of Fintech and its growing importance in the financial industry, as well as the need for effective cybersecurity measures to ensure the confidentiality, integrity, and availability of financial data. It also aims to explore the intersection between fintech and cybersecurity, focusing on the challenges and opportunities that arise when using fintech services. The paper investigates the vulnerabilities and risks associated with fintech, including data breaches, fraud, and cyber-attacks. It examines the various technologies and tools used by fintech companies to mitigate these risks, such as encryption, firewalls, and biometrics. The findings of this research will contribute to the understanding of the current state of cybersecurity in the fintech industry and the measures that can be taken to enhance cybersecurity. Moreover, the research analyzes the regulatory landscape of the fintech industry and the measures taken by regulators to ensure the security and International Scientific Journal of Engineering and Management ISSN: 2583-6129 Volume: 02 Issue: 04 | April – 2023 DOI: 10.55041/ISJEM00350 www.isjem.com An International Scholarly || Multidisciplinary || Open Access || Indexing in all major Database & Metadata © 2023, ISJEM (All Rights Reserved) | www.isjem.com | Page 2 privacy of customer data. It discusses the role of government agencies in regulating the fintech industry and safeguarding against cyber threats. Finally, the paper provides insights into the global view and future of fintech and cybersecurity, including the potential for emerging technologies such as blockchain and artificial intelligence to enhance security measure KETWORDS: Fintech, Cybersecurity, Blockchain, Finance, Stakeholders