Ransomware Attack on Indian Banks

Ransomware Attack on 300 Indian Banks

The attack occurred on July 31, this year and the target was C-Edge Technologies, a provider of banking technology systems to small banks across India. The impact of the ransomware attack was disrupted payment systems, affecting services like ATM withdrawals and UPI transactions.

This News Video explains the full details of Ransomware Attack on 300 Indian Banks

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Ransomware Attack on Indian Banks Detail

• Ransomeware Attack Method: The Ransomware Attack was carried out by the RansomEXX v2.0 group, exploiting a vulnerability in a Jenkins server used by C-Edge Technologies.

• How the Ransomware Spread: The Ransomware spread through a misconfigured Jenkins server, allowing attackers to gain unauthorized access.

• Ransomware Isolation: The National Payments Corporation of India (NPCI) temporarily isolated C-Edge Technologies from the retail payment systems to prevent further spread.

Ransomware Affected 300 Indian Banks

• Number of Banks: Approximately 300 small banks, mostly cooperative and regional banks operating outside major urban centers were under this Ransomware Attack.

• Volume Impact: The affected banks account for about 0.5% of the country's payment system volumes.

Ransomware Response

As an immediate action, the National Payments Corporation of India (NPCI) has issued a public advisory and isolated C-Edge Technologies from the payment systems. In addition, an audit is being conducted to ensure the Ransomware attack does not spread further. The Reserve Bank of India (RBI) and Indian cyber authorities had previously warned banks about potential cyber threats. Efforts are underway to restore normal operations, and affected banks are expected to resume services soon.

Ransomware Mitigation

All financial institutions and users of their websites are advised to install a good Anti-Malware Software like Malwarebytes Free in all PC, Laptop, Tabs and Phones. Only installing an Anti-Virus software may not be enough. For Real-Time Protection from all Virus, Malware, Ransomware, Worms, Trojan Horses, Rootkits, Worms, Browser Hijackers, Keyloggers and much more, an industry standard Anti-Malware like Malwarebytes is always recommended.

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