As India asserts its position as a global technological hub, the cyber threat landscape looms large, with the country ranking among the top five globally for malware detections. This revelation, underscored in Trend Micro’s cybersecurity report, serves as an alarm for all businesses to take proactive measures to ensure a safe digital environment. One key area of concern is the escalating impact of cybersecurity on small businesses. Recent data from IBM Security’s report reveals that the cost of a data breach in India stood at ₹17.9 crore in 2023. This marks a significant 28% increase since 2020, sending shockwaves throughout the IT sector and the broader business landscape, particularly affecting small enterprises that may struggle to absorb such high costs.
Hence, Investing in robust cybersecurity measures is a strategic imperative for businesses to thrive in this data-driven world. It’s time for organizations to prioritize cybersecurity and protect what matters most—their data, their reputation, and their future. Ishan Technologies stands ready to lead in this cybersecurity evolution, safeguarding not just data but the very fabric of organizational resilience and future growth. The company’s tailored services advocate for an integrated approach, coupled with upskilling initiatives. At Ishan, we are steadfast in our commitment to shaping a secure digital future for India, where the ethos of security is deeply ingrained.”
– Mr. Pinkesh Kotecha, MD and Chairman, Ishan Technologies:
Amidst the evolving landscape of fintech, the rising fraud numbers highlight the vital link between customer trust and cybersecurity. The foundation of any financial institution rests on protecting sensitive information, and the surge in cyber threats calls for proactive measures. In 2020-21, the Home Ministry reported 2.62 lakh financial crimes. This number surged to 6.94 lakhs in 2022, per the Standing Committee on Finance report.
For fintech companies and any business focused on consumers, the key to success lies in the ability to anticipate potential security incidents and proactively address them.
At Ring, our strategy centers around a robust framework comprising strong encryption, advanced threat detection capabilities, and regular security assessments. We recently obtained SOC 2 and ISO certifications, highlighting our steadfast dedication to upholding the trust of our valued users. Beyond our extensive array of initiatives aimed at fraud protection and cybersecurity, we maintain a deep-seated commitment to safeguarding customer data and continue to take all necessary measures to ensure full compliance. Placing customer data privacy as our utmost priority, we are committed to educating our users about best practices and empowering them to protect themselves against fraudulent activities. We leverage cutting-edge technology and maintain secure servers while continuously monitoring for potential threats. This comprehensive approach not only ensures alignment with regulatory standards but also fortifies the overall resilience of our systems.
India’s reputation as a fintech hub is not merely a reflection of individual corporate practices but the industry’s collective commitment to robust security measures and ethical conduct. In adherence to regulatory frameworks and industry best practices, Indian fintech companies also implement stringent internal controls. Regular security audits and compliance checks are conducted to identify vulnerabilities and address them promptly. This proactive approach underscores our commitment to safeguarding the financial well-being of our users and the integrity of the industry.”
– Mr. Karan Mehta, CTO, Ring
