The entire data of about 615,000 customers of UniSuper, an Australian retirement fund managing $81 billion in assets, was stored on Google Cloud but vanished into thin air recently. The situation could be retrieved only after considerable effort. This hitherto-unimaginable incident should refocus our attention on last month’s supervisory action against Kotak Mahindra Bank Ltd (KMB) by the Reserve Bank of India (RBI) for technology-related inadequacies.
The entire data of about 615,000 customers of UniSuper, an Australian retirement fund managing $81 billion in assets, was stored on Google Cloud but vanished into thin air recently. The situation could be retrieved only after considerable effort. This hitherto-unimaginable incident should refocus our attention on last month’s supervisory action against Kotak Mahindra Bank Ltd (KMB) by the Reserve Bank of India (RBI) for technology-related inadequacies.
Many compared it with similar action on Paytm Payment Bank Ltd (PPBL) and wondered if such drastic curbs were worth the cost of hardship imposed on affected customers, though it was less so in the case of KMB. One commentary…
