Fintechs fortify cyber defences; Logistics cos in the speed lane
Happy Monday! Fintechs are stepping up security as AI-powered cyberattacks become more sophisticated. This and more in today’s ETtech Morning Dispatch.
Fintech companies are ramping up their cybersecurity measures to combat increasingly sophisticated AI-powered cyberattacks. PhonePe, Razorpay, Cashfree and PayU are accelerating their security upgrades and automating defenses to detect and contain breaches before customer data or funds are compromised. These companies are shifting from preventing intrusions to detecting and containing breaches before damage is done.
Cashfree notes that attempted attacks have increased significantly, while companies like PhonePe assess transaction risks within milliseconds and isolate compromised systems. Razorpay uses AI for security analysis and compliance checks, while PayU focuses on simulated attacks and round-the-clock monitoring. The heightened cyber threats come as a result of a 20% increase in cyberattacks on Indian financial institutions in October, with stolen credentials being used to bypass payment checks.
Festive spending fueled a record 25.47 billion UPI transactions worth Rs 31.53 lakh crore in October, according to data from the National Payments Corporation of India (NPCI).
Written by urgent.news from Economic Times Tech's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
