Cyber Attack on Pune-based Cosmos Bank, Hackers managed to transfer over Rs 94.24 crore through a malware attack on the server of Cosmos Bank. On Tuesday, the Indian banking system went in shudders when the Cosmos Bank admitted that it fell victim to an international group of hackers who siphoned off a complete of Rs 94.24 crore in 2 cyber attacks on August eleven and August thirteen.
On Wednesday the National Payments Council of India (NPCI) blamed the Cosmos Bank’s “own IT environment” for the unprecedented cyber loot that left over the Pune-based bank poorer by Rs 94.42 crore. In a declaration, the NPCI’s Head Risk Management, Bharat Panchal, aforesaid “the NPCI’s systems are totally secure.
Therefore, the issue has occurred inside the Cosmos Bank’s own IT surroundings due to malware-based attack on the bank’s IT system that has a fraud. Panchal distinguished that Before the attack, the transactions are reported from outside India. He repeats that the systems of NCPI – the umbrella organization for operative retail payments and settlement systems in India were completely secure and it had been endlessly watching the case arising out of the Cosmos Bank episode.
Cybersecurity should be thorough and seamless, regardless or business size. Cyber-crime is unlikely to slow down, despite government efforts and input from specialists. Its growth is being driven by the expanding number of services available online
Having the right level of preparation and specialist assistance is vital to minimize and control damage, and recover from a cyber breach and its consequences.
#CyberSecurity # CyberAttack #CosmosBank