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Many woke up on a Monday morning in May learning of the ‘Wannacry’ ransomware attack which went on to affect 2 lakh people across 150 countries. The moot point here however should be the relative ease with which this ransomware spread across several countries, bringing the focus back on cyber security.

According to a survey by a leading tax and financial advisory service provider, the lack of awareness among customers and the evolving digital payment ecosystem have amplified the chances of exposure to cybersecurity risks such as online fraud, information theft, and malware or virus attacks, and increase the chances of a data breach.

Data is a critical asset or probably the most critical asset of any organization today irrespective of their turnover or market cap. Hence it is important to explore technologies to build robust risk mitigation strategies and prepare today’s businesses for the future. Even startups are tangled in a web of risks due to escalating IT operating costs, lack of infrastructure, and managing regulatory concerns. Startups need a support system to get past these challenges to focus on building innovative ideas.

Artificial Intelligence: Getting ready for the future
Artificial Intelligence (AI) usage across industries is not a recent trend, however usage of AI combined with, Machine Learning (ML), Deep Learning (DL) and Natural Language Programming (NLP) for cybersecurity and data security has been gaining salience. Fintech startups around the world are working on technologies like Key Stroke mapping, pattern recognition as well as employee and customer behavioural maps to beef up security systems worldwide.

#FINTECHACK—to help startups climb up the success ladder
#FINTECHack is an initiative by Yes Bank to create community of entrepreneurs, fin and tech domain experts, developers and influencers - thereby bridging the gap between financial institutions, developers and startups. The community makes it convenient for startups to gain access to focused mentorship, investors, digital infrastructure, advisory services, knowledge, data sets, and global outreach. The #FINTECHACK community also hosts networking platforms where startups can meet experts to learn about the ecosystem, explore partnerships or lend support in their projects.

The startups that become part of the initiative can receive access to Yes Bank’s 2 million+ customer base. They will also benefit from YES Bank’s infrastructure which includes banking APIs, testing environment, UPI SDK, and more.

The #FINTECHACK workshops aim to bring together fintech leaders, entrepreneurs, and technology experts to explore the possibilities of AI, ML, and NLP for risk management.

To know more about YES FINTECH, kindly visit yesfintech.com.

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