Cybersecurity Challenges and Regulatory Compliance in Neobanking in India
DOI:
https://doi.org/10.31305/trjtm2024.v04.n04.004Keywords:
Neobanks, neobanking, cybersecurity, digital evolution, Traditional banksAbstract
Neo-banking, a fully digital approach to banking, has redefined the financial landscape in India by offering seamless, user-friendly services without the need for physical branches. This transformation has enabled cost efficiency, 24/7 accessibility, and innovative financial solutions tailored to tech-savvy customers. However, the digital-first nature of neo-banking also introduces significant cybersecurity challenges, such as phishing attacks, data breaches, and identity theft, which threaten customer trust and operational stability. Neobanks must strictly adhere to RBI guidelines, the Data Protection Bill, and global compliance standards like PCI DSS and GDPR to safeguard customer data, prevent cyber crimes, and ensure secure digital transactions. Compliance with these regulations helps mitigate data breaches, fraud, and unauthorized access, reinforcing trust in digital banking services. This article explores the dual cybersecurity and regulatory compliance challenges that neobanks face in India. It highlights the importance of robust security measures, advanced authentication systems, and adherence to legal frameworks in fostering a secure and trustworthy neo-banking ecosystem. Addressing these challenges is critical for the sustainable growth and success of neobanks in India's competitive financial market.
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