Hacking News Cosmos Bank lost INR98.66 crore in a cyberattack. A year on, some 2,000 cooperative banks are still in danger.

Published on August 12th, 2019 📆 | 6159 Views ⚑

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Cosmos Bank lost INR98.66 crore in a cyberattack. A year on, some 2,000 cooperative banks are still in danger.

This August marks a year of India’s biggest heist from one of the country’s largest cooperative banks, Cosmos. The Pune-based bank lost INR98.66 crore through withdrawals from more than 14,849 ATM transactions (amount totalling INR80.5 crore) in a two and quarter hours on August 11, 2018, and two days later through a transfer of INR13.92 crore to the account of

spite of all security systems being in place”, it has now upped its cybersecurity investment to unprecedented levels. As a Mumbai-based vendor of cybersecurity products puts it, “they’ve been acquiring products and services left, right, and centre”. The regulator needs to make sure that the rest of the cooperative-banking system doesn’t wait to be attacked to display such proactiveness.

This August marks a year of India’s biggest heist from one of the country’s largest cooperative banks, Cosmos. The Pune-based bank lost INR98.66 crore through withdrawals from more than 14,849 ATM transactions (amount totalling INR80.5 crore) in a two and quarter hours on August 11, 2018, and two days later through a transfer of INR13.92 crore to the account of

spite of all security systems being in place”, it has now upped its cybersecurity investment to unprecedented levels. As a Mumbai-based vendor of cybersecurity products puts it, “they’ve been acquiring products and services left, right, and centre”. The regulator needs to make sure that the rest of the cooperative-banking system doesn’t wait to be attacked to display such proactiveness.

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