Rising cyberthreats a real concern, say fintech players at BFSI summit

The growing cyberattacks across the finance world as well as business in general is making senior executives more aware of the need for security

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(From left) Rajsri Rengan, head of development — banking & payments — India & the Philippines, FIS; Akshay Mehrotra, co-founder & CEO, Fibe (previously EarlySalary); Ranjeeth Bellary, partner, EY Forensic & Integrity Services; and Anuj Kacker, co-founder, Freo, and executive committee member, Digital Lenders Association of India. Photo: Kamlesh Pednekar

BS Reporters

4 min read Last Updated : Dec 22 2022 | 12:02 PM IST

Financial institutions are 300 times more vulnerable to cyberattacks than any other industry and the cost of remediating a cyberattack is 40 per cent more than any other industry, said a recent study. It has been time and again proven that one of the main reasons for a malicious attacker entering a financial network is for financial gains.

The growing cyberattacks across the finance world as well as business in general is making senior executives more aware of the need for security.

“In fact, our chief security officer recently remarked that earlier he would meet the board of directors of companies probably once a year for 20 minutes, but now the amount of interaction that we see with the board