Strengthening cybersecurity for fintech SMEs: A call for compliance, investment, collaboration

Small and medium enterprises (SMEs) contribute 30% of India’s GDP and are the backbone of the Indian economy. As engines of growth, SMEs play a crucial role in India’s ambition to become the world’s third-largest economy by 2028. However, many fintech SMEs remain under-protected against emerging cyber threats. With fewer than 200 employees, they face heightened cyber risks due to limited financial resources, insufficient cybersecurity skills and technology. Gaps in defences, over-reliance on third-party vendors, and a lack of business continuity plans mean that Indian SMEs often struggle to implement adequate cybersecurity measures to defend against ransomware, phishing, and DDoS attacks.