In the rapidly evolving landscape of financial technology, where transactions occur at the speed of light and data is both the lifeblood and the Achilles’ heel, the role of cybersecurity is more critical than ever.
Hilal Ahmad Lone, Chief Information Security Officer (CISO) of Razorpay, recently provided exclusive insights to The Cyber Express at the World CyberCon India, the second edition into the strategies and technologies that FinTech companies employ to protect customer data and ensure vigorous cybersecurity. In this comprehensive feature, we delve into Lone’s perspectives, accompanied by his own words.
Hilal Ahmad Lone On Data Protection Strategies
As Lone opens the discussion, he paints a vivid picture of the vulnerability inherent in FinTech organizations due to their extensive data consumption.
“FinTechs are one of the most vulnerable organizations with respect to data. We consume a lot of data,”
Lone remarks, setting the stage for the complex strategies employed by Razorpay. The emphasis lies on a comprehensive approach to data protection, starting with the acquisition of only relevant data.
“We want to make sure that it has complete access control, encryption, identification, masking, and continuous monitoring,” Lone explains, highlighting the multi-layered nature of their protective measures.
On Regulatory-Driven Controls
Navigating the unique challenges faced by FinTech companies, Lone brings attention to the regulatory landscape that often dictates their security measures.
“FinTech companies have a very unique perspective on data security, driven by regulatory requirements,” he states.
Razorpay, being a regulated entity, adheres to stringent controls such as multi-factor authentication, data encryption, and segmentation, all of which are mandated by regulatory bodies.
“We are a regulated entity, meaning a lot of things are regulated, defined by regulatory bodies,” Lone emphasizes, highlighting the regulatory-driven nature of their security protocols.
The Role of Employee Training
In the dynamic world of cybersecurity, where threats evolve as swiftly as technology, Lone places a spotlight on the pivotal role of employee training.
“Training and awareness are basically the cornerstone for any kind of security program,” he asserts.
At Razorpay, this translates into a multifaceted approach involving mandatory training sessions, phishing simulations, and fraud detection exercises.
“We want to ensure that the entire organization goes through that training to understand their respective responsibility towards safeguarding data,” Lone explains.
The focus is not just on meeting regulatory standards but on instilling a culture of responsibility and awareness throughout the organization.
Anticipated Trends in 2024
Peering into the future, Lone anticipates persistent vulnerabilities faced by FinTech companies.
“I think FinTech companies actually have, like, they’ve always been vulnerable to multiple different attacks. Primarily, like distributed denial of service, phishing, and, like, faking up apps and picking up domains and things like that. So, I think that’s a trend that we’re actually seeing right now. And of course, like the supply chain, as well. So, vendor risk is always going to be,” he predicts.
These challenges highlight the need for constant adaptation and innovation in cybersecurity strategies. The landscape is dynamic, and as Lone suggests, “FinTech companies need to stay one step ahead.”
Conclusion
Hilal Ahmad Lone’s insights offer a unique and comprehensive view of the cybersecurity landscape in the FinTech sector. As technology evolves, the proactive measures, regulatory adherence, and emphasis on employee training at Razorpay serve as a benchmark for organizations navigating the intricate world of financial technology.
In safeguarding data, FinTech companies must not only meet regulatory standards but also anticipate and proactively address emerging threats to maintain the trust of their customers in this dynamic and ever-evolving industry.