Daily Post 2867
RANSOMWARE’S LATEST CATCH – INDIAN RURAL BANKS
If you ever thought Ransomware was a fanciful crime impacting the western world; big business and its governments, you are in for shock. It has reached the Indian cooperative and the regional rural banks. The financial transactions in parts of the Indian countryside have come to a standstill. The modus operandi to reach this impact gives us an idea that it was intended in this manner. It hits at the core of the biggest digital financial transaction platform the country has to offer and which has gained immense credibility over the years.
As per the CrowdStrike, third party relationship hacks are predicted this year, given the wider threat surface and consequent impact and money it offers, going the ransomware way. Now it is right here. Ransomware attack has hit C-Edge technologies disrupting payment services for 300 Indian banks. The banks have been suffering since July 29 and unfortunately a ransomware attack is being termed as technical fault by the company officials. The systems were to get operational by Thursday throwing digital transactions in a disarray for last few days.
The impact has been felt by customers of cooperative banks and regional rural banks which depend on C-Edge. Ironically, C-Edge has been the joint venture between SBI and TCS. Ransomware found in the system was isolated and subsequently, a third party audit was also conducted. These actions were taken to protect the larger payments system. In transaction data terms the attack impacted less than 1% of the overall payment system volume in this country. The ransomware as per the present information has impacted few of their systems.
C-Edge Technologies has been temporarily isolated, and it would not be able to access the retail payments systems operated by NPCI impacting the customers serviced by C-Edge. NPCI has added that the restoration work is going on a war footing with C-Edge Technologies. The mandatory review was in progress, a necessary step for the restoration of services. The connectivity to the impacted banks would be at the earliest. The progress is satisfactory and the company and NPCI seem to have diagnosed the hack correctly and are moving on the right track. They are fighting the cyber battle from the front.
NPCI GIVEN ITS CENTRALITY TO OUR DIGITAL TRANSACTION ECOSYSTEM MAY BECOME A TARGET OF MAJOR RANSOMWARE GANGS.
Sanjay Sahay
Have a nice evening.