Hackers siphoned off a whopping Rs 94.42 crore from the Pune-headquartered Cosmos Cooperative Bank Ltd — the second oldest and second biggest cooperative bank in India — to foreign and domestic bank accounts.
According to Nikhil Bedi, Partner, Deloitte India, robust security systems and incidence response capabilities are imperative for all companies and financial institutions that are custodians of customer data and customer assets, including funds.
“While there is growing awareness to regularly update an organisation’s cyber preparedness and defence mechanisms, a large number of institutions wake up to this reality only post an incident which often leads to a loss of reputation and/or financial misappropriation,” Bedi said in a statement.
In 2016, a malware-related security breach was reportedly detected in the non-SBI ATM network, following which the public sector lender blocked around six lakh debit cards.
An estimated 30 lakh-plus debit cards…
