Nithin Kamath's Cyber Security Insights: Safeguarding with Zerodha
Two-factor authentication (2FA) is a crucial precaution to reduce the risk of cyber fraud according to Nithin Kamath, co-founder of Zerodha.
2FA should be enabled everywhere to secure accounts and make it harder for hackers to compromise them.
Biometric authorization and time-based expiring codes (TOTP) are examples of additional factors that enhance account security.
Businesses, especially those involved in artificial intelligence, should prioritize cybersecurity to protect themselves from financially motivated hackers.
Roping in technologists who understand user experience (UX) and user behavior can help businesses mitigate risks associated with financial scams.
Zerodha ensures the safety of its employees from cyber-attacks through mandatory 2FA and strict role-based access.
The company adopts a "zero trust" approach by not connecting anything to the internet by default and using real-time monitoring and analysis systems.
Zerodha's employees use Linux desktops to minimize the attack surface and self-host internal systems on private networks.
While zero cyber risk is not attainable, constant vigilance, good technology, non-tech practices, and awareness can significantly reduce fraud.
Account-related fraud comprises about 65% of all fraud cases in the financial services sector, as revealed in the report "The Anatomy of Fraud 2023" by Bureau, an AI-architected platform.