India’s FinTech boom exposes sector to rising cyber threats: PwC India–UFF Report

India’s FinTech success story—driven by digital payments, lending, neobanking, and blockchain innovation—is now facing a serious cybersecurity reckoning. According to a new report by PwC India, in collaboration with the Unified Fintech Forum (UFF), the rapid pace of digital financial growth has exposed India’s financial ecosystem to escalating cyber risks amid shrinking global cybersecurity investments.

The report, titled FinSec: An Emerging Equation Between FinTech and Cybersecurity, highlights that while technology-led disruption is driving efficiency and financial inclusion, it is simultaneously widening the attack surface for cybercriminals. With over 10,200 FinTech companies and more than 650 million smartphone users, India has emerged as a global FinTech hub—but the report cautions that cybersecurity must form the bedrock of this progress.

However, the timing couldn’t be more challenging. Global FinTech funding plunged to USD 39.2 billion in 2023, prompting firms to trim cybersecurity budgets just ...