Major fintech platforms are automating their incident responses and tightening financial transaction controls following a wave of breaches across the financial services sector. Companies are transitioning away from basic perimeter intrusion prevention toward active threat detection and rapid containment. This shift reflects an urgent need to counter sophisticated threat actors who now exploit multiple vulnerabilities simultaneously. At Cashfree alone, attempted cyberattacks over the past three weeks have surged to ten times the frequency observed last year.
Key points
Fintech platforms are shifting their core security strategies from intrusion prevention t…: Fintech platforms are shifting their core security strategies from intrusion prevention to active threat detection and containment.
Heightened security controls are being implemented following a series of breaches that ex…: Heightened security controls are being implemented following a series of breaches that exposed widespread sector vulnerabilities.
Payment companies are facing a significant surge in the volume and sophistication of coor…: Payment companies are facing a significant surge in the volume and sophistication of coordinated cyber threats.
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Bengaluru: Digital payments companies such as PhonePe, Razorpay, Cashfree and PayU are strengthening cybersecurity systems, automating responses to attacks and tightening controls over financial transactions as a series of breaches exposes vulnerabilities across the financial services industry, multiple senior executives told ET.These fintech companies are shifting their focus from preventing intrusions to detecting and containing them before
Digital payments firms race to fortify defences as cyberattacks intensify
Synopsis
At Bengaluru-based Cashfree, attempted attacks have been taking place repeatedly over the past three weeks, occurring at least 10 times as frequently as a year ago, chief technology officer Ramkumar Venkatesan told ET. Attackers are increasingly combining multiple vulnerabilities to attack systems, he said.
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