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Cybercrime

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

The cooperative bank has neither been penalised for its weak cybersecurity nor has anyone been held accountable. This only highlights the need for the RBI to enforce its cyber guidelines for cooperative banks as strictly as it has for commercial banks. Extensive cyber audits are called for.
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nirmaljohn
12 Aug 2019 6 Mins Read 1 comments
A policeman stands guard at the entrance of the Reserve Bank of India head office in Mumbai. Getty Images
A policeman stands guard at the entrance of the Reserve Bank of India head office in Mumbai.
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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user Nirmal John ET Prime, Editor - Cybersecurity and Emerging Technologies

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