“Ransomware Attack on Tech Provider Affects 300 Small Banks Across India”
In a significant cybersecurity incident, nearly 300 small banks in India have experienced disruptions due to a ransomware attack targeting a key technology service provider. The attack has forced a temporary shutdown of payment systems, impacting financial transactions nationwide.
In a significant cybersecurity incident, nearly 300 small banks in India have experienced disruptions due to a ransomware attack targeting a key technology service provider. The attack has forced a temporary shutdown of payment systems, impacting financial transactions nationwide.
The ransomware attack targeted C-Edge Technologies, a company that provides banking technology systems to numerous small banks across the country. As a precautionary measure, the National Payment Corporation of India (NPCI) has temporarily isolated C-Edge Technologies from its retail payments system to mitigate the impact of the attack.
According to sources familiar with the situation, this measure has led to the isolation of nearly 300 small banks from the broader payment network. The NPCI confirmed this in a public advisory, stating that customers of banks serviced by C-Edge Technologies would face disruptions in accessing payment systems during the isolation period.
“The isolation of C-Edge Technologies is intended to prevent any further spread of the ransomware and protect the integrity of the payment system,” the NPCI’s advisory explained. Despite the widespread impact, sources noted that the affected banks account for only about 0.5% of the country’s payment system volumes.
India’s banking sector includes approximately 1,500 cooperative and regional banks, many of which operate in rural areas and smaller cities. The ransomware attack has predominantly affected these smaller institutions, leading to concerns about the broader implications for customers and the financial system.
As the NPCI conducts an audit to ensure the ransomware does not spread further, both C-Edge Technologies and the Reserve Bank of India have yet to comment on the incident. The ongoing investigation aims to assess the full extent of the damage and restore normal operations as quickly as possible.
Sources By Agencies
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