Police in India have launched a formal investigation of a malware attack on a Cosmos Bank ATM server that enabled attackers to siphon off US$13.4 million. Security experts say the incident raises many questions.
Police in India have made seven arrests of suspected money mules involved in the theft of $13.5 million from Cosmos Bank. Authorities continue to investigate the heist in hopes of identifying those who led the attack.
So far, police have not found evidence that a major organized hacking group was responsible for the Cosmos Bank heist, which involved the theft of $13.5 million through ATMs and unauthorized SWIFT transactions. What steps should banks take to avoid becoming the next cyber heist victim?
There have been reports of India losing $18.5 billion due to business done on the digital black markets, which are used by hackers to infiltrate and siphon off information from big companies. Use of the dark web has raised questions on the loopholes in the laws in place to govern cybercrime in India. In the recent ...
Authorities in Bangladesh are investigating hacker attacks against at least three banks in that nation last month. Dutch Bangla Bank Ltd. lost as much as $1.4 million in an attack, which apparently involved planting malware in an ATM switch, according to news reports.
The 2019 CrowdStrike Global Threat Report offers one of the industry's most comprehensive reports on today's top cyberthreats. It combines analysis from CrowdStrike Intelligence, Falcon OverWatch managed hunting and the CrowdStrike Services incident response teams highlighting the most significant events and trends in...
India recently witnessed a broad international attack on the banking system. Cosmos Cooperative Bank in Pune, Union Bank, Punjab National Bank and others were the victims of cyber fraudsters as hackers infiltrated bank system and siphoned money.
Most breaches are caused by the failure of some processes in the ...
With the Cosmos bank attack still fresh in memory, some security experts are urging the Reserve Bank of India to take immediate steps to upgrade the security capabilities of banks. For example, they want banks to do away with user-based one-time passwords delivered via text messages.
In the wake of a cyberattack against BankIslami Pakistan, the State Bank of Pakistan, the nation's central bank, is asking all banks to step up their security efforts and make sure that security measures on all IT systems are continuously updated.