Indian online fintech startups’ cyber security abysmal

Bengaluru: Indian organisations rank quite low in cyber-security preparedness, with online fintech startups being the worst performer among them, a report said on Friday.

According to a report by Bengaluru-based cyber-security startup FireCompass, the online fintech startups scored eight out of 100 as per security benchmark.

The report said that Indian organisations across different sectors on an average scored around 50 out of 100 in the survey, in which large banks emerged as the best performer with a compliance percentage of 61.

“Organisations traditionally have been using informal approaches to communicate security posture to the management/board, making it difficult to benchmark security across industry,” Bikash Barai, co-founder, FireCompass, said in a statement.

Most industries performed moderate, like telecom (61 per cent), IT (52 per cent), manufacturing (51 per cent), insurance (45 per cent) and small banks (43 per cent).

The report underlined that the majority of security investments have been done around prevention technologies like Firewalls, whereas investments in detection and response capabilities were largely neglected.

The score in terms of prevention techniques was 63 per cent, for detection and response they were 51 per cent and 31 per cent respectively.