Cloud Hosting

The proposed cloud facility could eventually help banks reduce their dependence on foreign tech giants for storing data.

For years now, Indian customers have seen their sensitive financial data being misused by scammers. Most of us know someonea friend, a family member or a colleaguewho has been a victim of phishing attacks by scamsters.

A key reason why fraudulent entities are able to access this information is Indias financial institutions use vulnerable systems to store data, making their databases prone to sophisticated cyberattacks. Here, the Reserve Bank of India has faced a tricky question: What is the most secure way of hosting customers sensitive financial data?

In recent years, a unanimous answer has emerged: Databases hosted in the

Ashwin writes on fintech and banking at The Morning Context. He joins us from The Economic Times, he worked across the finance, tech and startup verticals, breaking stories related to Indias banking system, startups in the new economy, digital payments, insurance and cryptocurrencies.

Writer

ashwin@mailtmc.com

Delhi

See the article here:
RBI's cloud storage plans should worry Big Tech in India - The Morning Context