Centre for Internet & Society

CIS in collaboration with Has Geek is organizing an Open House on security practices in FinTech.

The prevalence of fintech companies operating in India is growing with new actors entering the sector and traditional actors such as banks beginning to offer digital financial services. The push to digital payments has been particularly strong after the demonetization policy, the development and implementation of Aadhaar and India Stack. Services offered by Fintech firms can range from offering a loan or credit to a digital wallet and digital banking and payment services.

Presently, there is a regulatory gap for many of the fintech services and business models. The Reserve Bank of India has published consultation papers on Peer-to-Peer lending platforms as well as Account Aggregators, but comprehensive regulations, especially those surrounding minimum security practices, have yet to emerge – presenting a critical policy and research window. Furthermore, under Section 43A of the IT Act and its associated Rules, ‘body corporates’ are required to implement reasonably security procedures compliant with ISO27001 or a sectoral standard approved by the Central Government. However, currently such a sectoral standard is absent for the FinTech and Digital Payments space.

The growing prevalence of these fintech technologies and the criticality of security of the same to engender citizen trust, protect rights, and comprehensive national security posture demands debate and discussion.

On November 17th, the HasGeek in collaboration with the Centre for Internet and Society will be holding an Open House from 6pm - 8pm to discuss security practices in the fintech industry.

Pressing questions for discussion include: How secure are these services? What security standards are they adhering to? Who is holding them accountable for adherence to security standards? What can individuals do if there financial data is compromised?

Please join us for a robust discussion on these issues @HasGeek House, 2699, 19th Main Rd, HAL 2nd Stage, Indiranagar, 19th Main Rd, HAL 2nd Stage, Indiranagar, Bengaluru, Karnataka 560008 from 6PM - 8 PM on November 17th.