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.
The proposed creation of a CERT dedicated to serving India's financial sector is good news. But working out a realistic framework for its activities and defining its role in ensuring stronger security for the sector will prove challenging.
India's finance minister Arun Jaitley announced plans to form a separate computer emergency response team, CERT-Fin, for the financial sector, in his union budget speech to the Indian parliament - a move that has drawn a mixed response from security experts
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Punjab National Bank, which has been in the news for a $1.8 billion fraud incident, got more bad news when a security company revealed that payment card information for as many as 10,000 of the bank's customers has been for sale on the dark web. The two incidents do not appear to be related.
Some security practitioners are questioning the audit standards and internal controls maintained by state-run Punjab National Bank in the aftermath of the bank's Wednesday announcement that it had detected fraudulent transactions totaling more than $1.8 billion.
As RBI reports an increase in transactional fraud in India, the government is reviewing the financial sector's security posture in light of the nation's move toward a cashless economy. Security experts discuss the methods for effective fraud control.
Some security practitioners in India are questioning the value of the government setting up a CERT for the financial sector as well as a second Cyber Coordination Centre in Delhi to help deal with the changing cyber threat environment.