Prime Minister Narendra Modi stressed the importance of combating cyber fraud and enhancing cybersecurity measures during his address at the Global Fintech Fest in Mumbai on Friday. He emphasised the need for decisive action to prevent cyber fraud and promote digital literacy.
Modi urged regulators to adopt robust measures to tackle cyber threats, noting that cyber fraud poses a rapid and significant risk to fintech companies, unlike the gradual development of past financial crises. "We must ensure that cyber fraud does not impede the growth of fintechs," Modi stated, pointing out that despite various schemes, fraudsters continually find new ways to exploit vulnerabilities.
SISA, a global leader in forensic-driven cybersecurity solutions, participated in the prestigious Global Fintech Fest (GFF) 2024, held from August 28-30, 2024, at the Jio World Convention Centre, Bandra Kurla Complex. SISA’s Founder and CEO, Dharshan Shanthamurthy, took part in a panel discussion at the event, where he shared key insights on “How FinTechs can comply with existing regulations and become cyberproof.” During the session, Dharshan discussed the challenges and opportunities fintech companies face in navigating the complex regulatory landscape and emphasised the importance of building robust cybersecurity frameworks to safeguard digital payments.
Dharshan Shanthamurthy being asked about the importance of cybersecurity in the era of AI (Artificial intelligence) says, "There are two parts of this aspect one is cybersecurity for AI and the other is AI for cybersecurity. We need more focus on cybersecurity for AI, the organisation needs a collaborative approach in line with the Government on how to better cybersecurity for AI. SISA has been working with the government as well as private organisations including banks on data protection. We also got the Government Patent on Aadhar Data Discovery which is helping the organisation to protect sensitive data."He added, "Cybersecurity is accelerating, cyber-crime is impacting roughly around 10.3 Trillion Dollars across the globe, whereas the cybersecurity industry is about 300-350 billion dollars, so in coming years it’s going to leapfrog and India has a leading role to play not just as securing cyber for the country but cyber for the world.”
SISA is a global cybersecurity solutions company specialising in the digital payments industry, trusted by leading organisations worldwide to secure their businesses with preventive, detective, and corrective cybersecurity solutions. The company's human-centric approach helps businesses strengthen their cybersecurity posture, leveraging forensic intelligence and advanced technology to provide true security to over 2,000 customers across more than 40 countries.
Meanwhile, according to the Indian Cyber Crime Coordination Centre, cybercriminals have siphoned off over Rs.10,300 crore from India since April 1, 2021. Earlier this year, the Centre reported that agencies successfully blocked approximately Rs. 1,127 crore.
The event featured a diverse lineup of over 800 speakers and more than 300 sessions to discuss the future of financial technology and its critical role in shaping the next decade of finance. The event emphasised building an ecosystem of shared knowledge, responsibly harnessing AI to secure infrastructure, and leveraging human insight to drive ethical solutions for complex challenges. Discussions also focused on advancing regulatory frameworks to keep pace with industry growth. The fest provided a platform for meaningful collaborations, underscoring the need for ongoing innovation to safeguard digital payments.
