DIGITAL LENDERS' EXPENSES on technology have multiplied as cybercrime and the threat to data privacy emerged as the foremost risks, according to people in the industry.
In its 2022 guidelines on digital lending, the Reserve Bank of India (RBI) too has asked banks and non-banking lenders to ensure that they comply with various technology standards on cybersecurity.
"Data will be the new gold for next generation. So, it is super important to ensure that it is protected because now people are more conscious about data sharing," said Credit Wise Capital founder Aalesh Avlani.
"As a fintech, we are responsible for providing loans to people across the country as we are in a consumer-facing business. So, we have to ensure that we are right up there when it comes to ensuring data protection," he said, adding the spending on technology has multiplied on year-on-year basis.
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