‘Most Banks Already Use Encryption Across their Systems, but Many don’t have a Full Picture of Where Encryption is Being Used’: Ruchin Kumar, VP, South Asia-Futurex

Futurex's Ruchin Kumar discusses quantum-resistant cybersecurity for banks and fintechs. Discover their data security solutions, from HSMs to quantum-safe algorithms, and best practices for future-proofing your infrastructure.

In an exclusive conversation with CXO Media and APAC Media, Ruchin Kumar, VP, South Asia- Futurex, explains how they are helping banks and fintechs get ready for the next big shift in cybersecurity, when quantum computing becomes real enough to break today’s encryption. The goal is to integrate quantum-resistant encryption without disrupting day-to-day operations.

What are the data security solutions and services available in the Futurex portfolio?

At Futurex, we offer a full range of solutions to help organisations protect their most sensitive data. That includes our Hardware Security Modules, which are tamper-proof devices that handle things like encryption and key protection, like a vault for your digital secrets. We also provide key management systems, cloud-based HSMs for those moving to the cloud, and tokenisation services that replace real data with harmless substitutes to reduce risk.

For businesses that need to scale fast, we offer virtualisation, and we’re also helping customers secure data even while it’s being used through techniques like secure memory and encrypted processing. Everything is designed to work seamlessly across cloud, on-premises, or hybrid environments.

How is Futurex supporting banks and fintechs to build quantum resilient cryptographic systems and what are their use cases?

We are helping banks and fintech companies get ready for the next big shift in cybersecurity when quantum computing becomes real enough to break today’s encryption. Our hardware modules act as secure vaults that handle encryption and are already equipped to support the next generation of algorithms that are built to resist quantum attacks.

In India, we also offer cloud-based key management that keeps encryption keys stored locally, which is a big requirement for compliance. Whether it’s protecting UPI payments, Aadhaar-linked transactions, or secure onboarding processes like KYC, our tools are already in use. We’re also working closely with fintechs that want to build with quantum security in mind right from the start, especially as they explore things like digital rupee integration or token-based payments. It’s about future-proofing security today, before it becomes urgent.

What are the best practices recommended to shift to a quantum-safe infrastructure?

Making the shift to quantum-safe security starts with knowing where your current encryption lives. Most organisations do not have a full picture of where encryption is being used, whether it’s in software, cloud setups, or internal tools. So the first step is a proper audit to take stock.

Once that’s clear, figuring out what is most at risk, like customer data, payment systems, or login credentials, is the next crucial step. Those become the priority areas. From there, it’s about partnering with the right vendors to bring in quantum-safe technologies in phases, without disrupting existing systems, as a ‘rip-and-replace’ cannot work here.

It’s also important to get internal teams on board through workshops to help with training and making sure leadership understands why this matters. And of course, all of this is done while staying aligned with evolving standards from regulators like the RBI or global bodies like NIST. Future-proofing security needs structure, but it’s very doable if you start early.

What are the key pillars of Futurex’s GTM strategy and what are the key initiatives undertaken as part of this strategy?

Our strategy is pretty straightforward: we stay close to the market. We have set up offices in Noida and Mumbai, and our data centres in Hyderabad and Mumbai help us meet compliance requirements and keep latency low for customers. A big part of our focus is on certifications. Whether it’s FIPS, PCI DSS, or GDPR, we’ve made sure our products meet the standards that banks, fintechs, and public sector bodies look for.

 We also work closely with local partners, distributors, consultants, and system integrators who help us reach the right people and tailor solutions to real-world needs. And we have been very deliberate about making our technology adaptable, whether it’s for BFSI, e-governance, telecom, or fintech. We also plan to to open additional offices, expand data centre capacity, and enhance operational capabilities, driven by India’s growing demand for secure data infrastructure.

How do you develop a quantum-resistant cryptography model that scores over traditional encryption methods?

Most encryption today relies on math problems that are tough for regular computers but not for quantum ones. Algorithms like RSA and ECC are built on that. The issue is, once quantum computing gets strong enough, those problems become easy to solve. So now we’re looking at new types of encryption that hold up even against quantum machines. One example is lattice-based cryptography, which is based on solving problems in multi-dimensional grids, which are hard even for quantum computers. Then there’s hash-based encryption, which is more like creating a secure digital fingerprint. And there are code-based methods too, which scramble data using error-correcting codes.

Some of these, like Kyber, Dilithium, and SPHINCS+, have already been picked by NIST as future standards. The idea is simple: we’re building encryption that stays strong, no matter what kind of computer comes next.

How do you ensure conformance with regulatory compliance in this process?

At Futurex, compliance is baked into how we build our products. Everything we offer is aligned with standards like PCI DSS and FIPS 140-2. In India, we also follow RBI and UIDAI norms closely, especially when it comes to data localisation and secure handling of sensitive information.

We have made sure our systems are modular, which just means they can evolve with new regulations. For example, if tokenisation or masking rules change, or if audit requirements tighten, we can adjust without needing a full overhaul. We update our solutions to stay current and we don’t leave customers guessing. Instead, we help them interpret these changes and provide support to their teams through the shift.

How can BFSI organisations integrate quantum-resistant cryptography solutions with their existing applications?

Most banks already use encryption across their systems, but the challenge is figuring out where those older algorithms, like RSA or ECC, are still running, which won’t hold up in a post-quantum world. The first step is understanding where encryption is being used today, whether it’s in customer apps, databases, payment systems, or backend servers. Once that’s clear, the next challenge is infrastructure. Some legacy systems won’t support newer, quantum-safe algorithms right away, so upgrades are often part of the process. This is where working with the right partners really helps.

At Futurex, we focus on making that shift smoother, whether the client is running everything on-premises, in the cloud, or in a hybrid setup. The goal is to integrate quantum-resistant encryption without disrupting day-to-day operations. We also make sure whatever we’re implementing is aligned with regulatory standards, whether that’s NIST or PCI. One thing we always say is: don’t leave your teams behind. Training the people who manage these systems is just as important as the tech itself.

What are going to be Futurex’s key focus areas over the next few quarters?

In the coming quarters, the focus is firmly on scale and depth. Expanding our footprint in India is a big priority both in terms of physical presence and infrastructure. That includes strengthening our data centre capacity and growing the team across engineering, support, and solution design. We’re also seeing a lot more conversations around quantum readiness. That shift has started, even if it’s early days.

We are looking at a sharper push on quantum-ready deployments, especially as banks, fintechs, and government-linked systems begin preparing for that transition. The need for stronger encryption at the edge, especially with 5G and future 6G networks, is becoming more relevant, so that’s another area under active development. At the same time, sectors like healthcare and telecom are showing growing interest in data-in-use protection and privacy-enhancing technologies, so expanding those capabilities will be key.