May 11 2017, 6:56 PMMay 11 2017, 7:09 PMMay 11 2017, 6:56 PMMay 11 2017, 7:09 PM
A total 96% of Indian organisations believe that instances of cyber crime are most likely in the payments space, compared with 84% globally, a joint survey from the Confederation of Indian Industry and PwC has found. Indian organisations also identified fund transfers, personal finance products and personal loans as vulnerable to cyber attacks. Rapid growth and high competition in India's fintech space should not come at the cost of adequate security controls, according to PwC. The professional services company warned that inadequate security could lead to fraud or invite regulatory action. * * In India, there is no central body for regulating financial institutions but several states have set up their own bodies - including Andhra Pradesh, Maharashtra and Karnataka - which oversee banks and other lenders. - the graph shows 84% non-Indian organisations believe the payments space is most susceptible, while the write-up says 86%. I've gone with the graph's figure. * * *