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NPCI disconnects C-Edge Tech from retail payments after alleged ransomware attack

Economic Times

Economic Times · 11m ago

NPCI disconnects C-Edge Tech from retail payments after alleged ransomware attack

The National Payments Corporation of India (NPCI) has temporarily disconnected C-Edge Technologies, a payment service provider, after it was hit by a ransomware attack. C-Edge Technologies, a joint venture between TCS and the State Bank of India, primarily caters to rural and cooperative banks. As a result of this disconnection, customers of banks powered by C-Edge Technologies will not have access to retail payment services such as UPI and IMPS provided by NPCI. NPCI aims to restore services soon, with minimal impact on overall transaction volume. C-Edge Technologies reported operational revenue of Rs 355 crore in FY23.

Related News

C-Edge Ransomware Attack: NPCI Restores UPI Services

Inc42 · 11m ago

C-Edge Ransomware Attack: NPCI Restores UPI Services

The connection with C-Edge Technologies has been restored by the National Payments Corporation of India (NPCI) after an independent forensic auditing firm conducted a security review. As a result, UPI services are now available again for approximately 300 small banks that were affected by a ransomware attack on C-Edge. This attack disrupted UPI payments at multiple client banks of C-Edge on July 31.

UPI Services Impacted As Ransomware Hits Tech Service Provider

Inc42 · 11m ago

UPI Services Impacted As Ransomware Hits Tech Service Provider

NPCI has temporarily isolated C-Edge Technologies from accessing its retail payment systems to prevent a larger impact on the payments ecosystem. The specific banks affected by this action were not mentioned, but C-Edge's website listed Meghalaya Cooperative Apex Bank and Maharashtra Gramin Bank as new clients. This action was taken in response to a ransomware attack, which involves malware encrypting files and denying access to the user until a ransom is paid.

Ransomware attack hits 300 banks: all you need to know

Economic Times

Economic Times · 11m ago

Ransomware attack hits 300 banks: all you need to know

A ransomware attack on C-Edge Technologies, a major banking technology provider in India, led to a temporary shutdown of payment systems at nearly 300 small local banks. The National Payments Corporation of India (NPCI) disconnected all retail payment services offered by the company. It is believed that the attack originated from an Amazon Cloud Server used by a third-party vendor. The RBI and Indian cybersecurity authorities had previously warned of potential cyberattacks. The estimated cost of a data breach in India reached a record high of Rs 19.5 crore ($2.35 million), with the industrial sector being the most affected.

Customers of several small-sized banks affected as tech provider C-Edge suffers ransomware attack

YourStory

YourStory · 11m ago

Customers of several small-sized banks affected as tech provider C-Edge suffers ransomware attack

Around 300 small lenders in India are facing payment issues due to a ransomware attack on technology service provider C-Edge Technologies. Customers of cooperative banks and regional rural banks, which rely on C-Edge for services like cash withdrawals and UPI payments, have been unable to access these services for the past two days. The breach was discovered at C-Edge, a joint venture between State Bank of India and Tata Consultancy Services. The National Payments Corporation of India has temporarily isolated C-Edge from its retail payment systems and restoration efforts are underway. Despite the disruption, no financial losses have been reported.

Change Healthcare attack that disrupted prescriptions blamed on BlackCat ransomware

Techradar

Techradar · 1y ago

Change Healthcare attack that disrupted prescriptions blamed on BlackCat ransomware

Last week, US health tech giant Change Healthcare experienced a cyber attack that left some applications unavailable. It has now been revealed that the attack was ransomware, carried out by the group ALPHV (BlackCat). Although it is unclear whether any data was stolen during the attack, given that Change Healthcare is a major prescription medication processor, there is a possibility that millions of customers' data may have been compromised. The incident has also caused disruptions in local Michigan pharmacies. BlackCat is known as one of the largest and most dangerous ransomware operators.

These were the badly handled data breaches of 2024 | TechCrunch

TechCrunch · 6m ago

These were the badly handled data breaches of 2024 | TechCrunch

TechCrunch has compiled a list of recent data breaches and security incidents from various companies. Genetic testing company 23andMe blamed its users for a data breach that exposed millions of customers' data. Change Healthcare, a healthcare tech company, took months to confirm a breach that exposed over 100 million people's private health information. London-based provider Synnovis suffered a ransomware attack, causing months of disruption to NHS services. Cloud computing giant Snowflake experienced mass hacks that targeted its corporate customers. The city of Columbus, Ohio sued a security researcher who reported on a ransomware attack. Salt Typhoon, a China-backed hacking group, infiltrated the networks of U.S. phone and internet providers. MoneyGram, a money transfer company, suffered a data breach, but the number of affected customers remains undisclosed. U.S. retail giant Hot Topic experienced a major data breach, but the company has not publicly confirmed or notified customers about the incident.

No Foreign Remittance License, So No Question Of Forex Laws Breach: Paytm Payments Bank To ED

Inc42 · 1y ago

No Foreign Remittance License, So No Question Of Forex Laws Breach: Paytm Payments Bank To ED

Paytm Payments Bank has informed the Enforcement Directorate (ED) that it does not have the necessary license for outward foreign remittances. The ED has reached out to the Reserve Bank of India (RBI) to verify this statement. The ED is investigating alleged breaches of the Foreign Exchange Management Act (FEMA) involving entities using Paytm Payments Bank. However, after reviewing the data provided by the RBI, the ED has not found any evidence of FEMA violations by Paytm. The RBI has also instructed the National Payments Corporation of India (NPCI) to examine Paytm's request to become a third-party application provider for UPI payments.

60-70 percent of IPO applications coming through UPI, says NPCI CEO Dilip Asbe

Money Control

Money Control · 1y ago

60-70 percent of IPO applications coming through UPI, says NPCI CEO Dilip Asbe

According to Dilip Asbe, CEO of NPCI, up to 70% of IPO applications in India are being processed through the Unified Payments Interface (UPI), reflecting strong demand from retail investors. NPCI, which operates the UPI platform, is also holding discussions with over 50 countries to help them develop their own domestic digital payment systems. UPI, which currently handles over 11 billion transactions per month, is the world's largest instant mobile payments platform. The aim is to create interoperability between countries' payment systems, potentially challenging networks like SWIFT for international bank transfers.

Cyber attack compromised Indonesia data centre, ransom sought: report

Economic Times

Economic Times · 1y ago

Cyber attack compromised Indonesia data centre, ransom sought: report

Indonesia's national data center was targeted by cyber attackers who demanded an $8 million ransom, causing disruptions to government services, including airports. The attack utilized a new variant of the Lockbit malicious software. Lockbit is known for using ransomware to encrypt victims' data and extort payments in cryptocurrency. The hackers can threaten to leak or delete confidential information if the victim refuses to pay. Investigations are ongoing to gather more details about the attack.

China's biggest lender's US arm hit by ransomware attack

Economic Times

Economic Times · 1y ago

China's biggest lender's US arm hit by ransomware attack

China's largest commercial lender, ICBC Financial Services, was hit by a ransomware attack that disrupted their systems and impacted trades in the US Treasury market. The attack was believed to be orchestrated by the Lockbit cybercrime gang, known for targeting large organizations. While ICBC stated that the impact was limited and they were recovering from the attack, this incident highlights the vulnerability of major organizations and raises concerns about cybersecurity controls and regulatory scrutiny in the market. US authorities have been working on curbing ransomware attacks through improved information-sharing.

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