A Framework for Enhancing Cyber Security in Fintech Applications in India

Abstract

Fintech currently ranks among the most thriving sectors in terms of both business growth and job creation. Having emerged as the second-largest fin-tech hub in the world (trailing only the United States), India is also experiencing this ’Fintech Boom.’ Fintech’s wider goal is to meet the unmet financial needs of certain demographic groups that aren’t the main focus markets in mainstream financial services models. It is generally believed that India would be data-rich even before it is financially rich, however, the incidents like Facebook data leak, an alleged Aadhar data breach has brought back the focus on data protection and the urgent need for steps to be taken by all the stakeholders for sustainable growth of Fintech sector. Hence, this paper attempts to explore how India has evolved into a renowned Fintech hub, how this Fintech is perceived to contribute to the broadening of financial inclusion, and what are the barriers to further growth for Fintech firms. This paper also proposes approaches that can help professionals and analysts harness Fintech’s untapped potential in India and also suggested remedial measures for limiting cyber-attacks.