Over 200 Banks Affected By A Single Ransomware Attack

The National Payments Corporation of India has issued a shocking report revealing a ransomware attack has disrupted over 200 banks.

The National Payments Corporation of India has reported ransomware attacks on 200 Indian Co-Op Banks through a single breach on its service provider’s end. C-Edge Technologies Ltd. has been compromised due to it, causing disruptions in hundreds of Cooperative and regional banks.

As a result, NPCI has temporarily disconnected its digital retail payment systems to prevent further damage. It is not clear if the attack has compromised their customer’s data or not, as the company is still silent on the topic. Customers of all the 200 banks are unable to access NPCI’s payment services.

NPCI and related subdivisions have issued notices to their consumers, urging them to prevent transaction attempts till further notice. The internal team of NPCI is working on resolving the security issue and conducting a thorough security review.

According to Desh Gujarat’s report, over INR 5,000 Crores worth of transactions were disrupted. Most of the business impact caused was on the NEFT, RTGS, UPI, and other digital payments users. State Bank of India and Tata Consulting Services had formed a joint venture partnership to launch C-Edge as a single entity for securing online transactions for government-run banks.

The source of the attack is unknown, and cyber authorities are trying to identify if it was individual or entity-led. Online complaints from businesses to relevant ministries on social media platforms have surged in the last 24 hours, but with no response from the other end.

The Digital Payments body has officially urged all customers of Cooperative and Regional banks to postpone transactions to prevent further inconvenience. This incident surely raises the need to invest in the best cybersecurity tools.