• Mohd. Shafeeq
• Dr. Sana Beg

The concept of financial inclusion gained importance in 2005 in India. Since Census 2011, RBI and Government of India initiated various measures like relaxing the KYC norms, an opening of BSBDs accounts, direct bank transfer, Pradhan Mantri Jan Dhan Yojana, etc. Digitalisation of finance gained momentum after demonetisation which is also evident from a colossal climb in the value of the mobile transaction, which registered an increment from INR 23,794.84 million (2016) to INR 73,124.94 million (2017). Thus India discerned a remarkable paradigm shift towards digitalization; with this shift, a distinct challenge has popped up for financial inclusion. India propelling towards digital financial inclusion has made itself extremely vulnerable to a cyber attack which is also manifest from the report of the International Telecommunication Union (ITU), 2017. Not even in India, cyber risk is a big threat to all institutions globally as well. Thus, this study is undertaken to understand the awareness of Cyber-attacks among the citizens and to assess whether it poses a challenge to financial inclusion. The study exhibits that 7 out of every 10 people receive a fraudulent message, call or e-mail. Awareness of cyber frauds is high in India but the complaint rate is too low. The study concluded that cyber attack will not lead to financial exclusion instead it will lead to a fall in the usage rate of digital financial services and thereby reducing the pace of digital financial inclusion. Thus proactive measures must be taken to combat cyber risks.

Cyber Risk, Cyber-Attacks, Cyber Risk awareness, Digital Financial Inclusion.

"Cyber Risk: A Hindrance to Financial Inclusion?", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.6, Issue 5, page no.132-139, May-2019, Available :http://www.jetir.org/papers/JETIR1905023.pdf

"Cyber Risk: A Hindrance to Financial Inclusion?", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.6, Issue 5, page no. pp132-139, May-2019, Available at : http://www.jetir.org/papers/JETIR1905023.pdf