In Short:
Several co-operative banks and regional rural banks faced disruptions in retail payments due to a ransomware attack on technology service provider C-Edge Technologies. NPCI isolated the affected systems to prevent a wider impact on the payment ecosystem. Restoration work is ongoing on a priority basis. The attack affected over 200 financial institutions. This highlights the importance of cybersecurity as India experienced numerous data breaches and cyber-attacks in the first half of 2024, affecting various sectors.
Ransomware Attack Disrupts Banking Services
Oh no! Several co-operative banks and regional rural banks (RRBs) were hit with a cyber attack on Wednesday, causing chaos in retail payments. The culprit? A ransomware attack on a technology service provider called C-Edge Technologies Ltd, as reported by the National Payments Corp. of India (NPCI).
NPCI Takes Action
The NPCI swiftly responded by isolating C-Edge Technologies from accessing NPCI’s retail payment systems to prevent further damage to the payment ecosystem. NPCI, the backbone of all retail payment systems in India, provides popular services like RuPay, BHIM UPI, Bharat BillPay, and IMPS.
Impact on Customers
Unfortunately, customers of banks serviced by C-Edge are currently unable to access payment systems while the isolation is in effect. Fear not, as restoration efforts are in full swing and the situation is being tackled with urgency.
Light at the End of the Tunnel
Thankfully, the affected banks will soon regain connectivity as the necessary security reviews are underway. The aim is to restore services to normal at the earliest to minimize disruptions for customers.
About C-Edge Technologies
C-Edge Technologies, a joint venture between Tata Consultancy Services (TCS) and State Bank of India (SBI), offers innovative IT solutions and services for banks to streamline operations and enhance customer satisfaction.
Cybersecurity Concerns in India
On a broader scale, India has faced a significant number of cyber incidents in recent times, with data breaches, leaks, and ransomware attacks becoming increasingly common. According to a report by FalconFeeds, various sectors like education, government, and technology are hot targets, with banking and healthcare also witnessing severe cyber threats.
