As India’s digital economy accelerates, the implementation of adequate data protection controls is increasingly becoming the cornerstone of trust in the financial ecosystem. The government’s introduction of the Digital Personal Data Protection Act (DPDP) 2023 is a key step, ensuring that organisations embed privacy by design and are held accountable for how they handle personal information. Under this law, Significant Data Fiduciaries are required to appoint Data Protection Officers (DPOs) to oversee compliance, manage risks, and respond to breaches swiftly and transparently. For consumers, this means stronger safeguards; for organisations, it means privacy is no longer optional, but central to growth and resilience.
The urgency of these protections is underscored by the rapid expansion of India’s digital payments ecosystem. Since 2024, transaction volumes have risen, fuelled by innovations such as the e-rupee and widespread integration of fintech platforms. Yet, alongside this growth, vulnerabilities are multiplying. In 2023–24 alone, financial fraud reportedly surged by 85%, with losses surpassing USD 135 million. Threats are no longer limited to phishing and credential theft. Third-party APIs are increasingly being exploited, directly compromising sensitive personal information.
The stakes are clear in incidents like the recentCoinDCX cryptocurrency breach, where digital assets worth USD 44 million were stolen after attackers gained unauthorised access to internal systems. This second major crypto incident in under a year reflects broader concerns about weak security protocols, operational transparency, and the lack of embedded privacy controls across the sector.
To maintain trust, India’s fintech ecosystem must prioritise privacy and cybersecurity in equal measure, not as afterthoughts but as core principles of business. This requires AI-driven threat detection, regular audits, transparent communication, and above all, leadership from data protection officers who can bridge compliance, culture, and security.
At HewardMills, as a global DPO provider, we help organisations move beyond reactive crisis management andtowards proactive resilience. Our team of data protection and cybersecurity experts partner with businesses to implement global standards, design privacy programmes, conduct audits, and respond effectively to breaches. By embedding privacy into strategy, we not only help organisations achieve compliance with the DPDP but also protect customer trust and strengthen long-term growth.
