Indian banks spending less on cybersecurity than global peers, says BCG

Rising cases of online thefts and frauds will push Indian banks that are already lagging behind their global peers in cybersecurity spending to step up, according to Neetu Chitkara, managing director and partner at Boston Consulting Group.

Cybersecurity spending by Indian financial institutions as a part of their revenue is about one-ninth of what is seen at global banks, Chitkara said Wednesday in an interview with Bloomberg Television.