India's Fintech Surge Faces Increased Cyber Threats Amid Budget Cuts, Report Warns

Indias booming fintech sector faces escalating cybersecurity threats as global funding declines and budgets shrink, according to a report by PwC, raising concerns over financial data protection.

• A report by PwC highlights that Indias fintech industry is rapidly growing but increasingly vulnerable to cyber threats amid global funding reductions and budget cuts in computer security.
• The report indicates a global shortage of skilled cybersecurity professionals is hindering the deployment of effective protective systems in finance, particularly within the Indian fintech landscape.
• Over-reliance on third-party service providers in fintech has increased exposure to cyber vulnerabilities, raising alarms as attacks on digital platforms become more frequent.