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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.

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.

Year ender 2024: Biggest cyberattacks in India

Economic Times

Economic Times · 6m ago

Year ender 2024: Biggest cyberattacks in India

In 2024, cyberattacks in India surged by 76%, affecting telecom, stock brokerage, cryptocurrency, and banking sectors. Notable incidents included BSNL's data breach exposing sensitive information, Angel One's data leak of 7.9 million customers, and a massive $235 million theft from cryptocurrency platform WazirX. A ransomware attack took 300 small banks offline. Cyber scams cost Indians nearly Rs 12,000 crore, with predicted annual attacks potentially reaching a trillion by 2033, highlighting the dire need for strengthened cybersecurity.

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.

Startup Lingo – 101 Terms You Need to Know (From A to Z)

Internet

Internet · 2m ago

Startup Lingo – 101 Terms You Need to Know (From A to Z)

Whether you're building on your first startup idea or are a seasoned entrepreneur, there's a good chance you will come across a startup term or phrase you're either unsure of or just need to double-check. We are here to get you up to speed and help decipher all things startup. This definitive word list has everything you need to know to help you on your startup journey. Have this list with you, and you'll always have a reference to be on top of all the jibberish startup lingo 🚀

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.

London hospitals declare emergency following ransomware attack

Arstechnica

Arstechnica · 1y ago

London hospitals declare emergency following ransomware attack

A ransomware attack on Synnovis, a medical testing and diagnostics provider in London, has caused major hospitals to declare a critical incident and cancel non-emergency surgeries and pathology appointments. The attack has affected all Synnovis IT systems, resulting in interruptions to pathology services. Hospitals including Guy's and St Thomas' and King's College Hospital Trusts have had to cancel operations involving blood transfusions, including transplant surgeries. The incident is being investigated by the Department of Health and Social Care, NHS England, and the National Cyber Security Centre. Ransomware attacks on healthcare providers have been on the rise globally in recent years.

Duvel halts production following ransomware attack — but don't worry, it says there's still plenty of beer

Techradar

Techradar · 1y ago

Duvel halts production following ransomware attack — but don't worry, it says there's still plenty of beer

Belgium's Duvel Moortgat Brewery, famous for its beers such as Duvel and Vedett, experienced a ransomware attack that forced production to be halted. The attack was discovered in the early morning, and while the production disruption is expected to have minimal impact due to sufficient stock levels, the brewery has not stated whether any data was compromised. No ransomware group has claimed responsibility for the attack at this time.

EquiLend hack raised costs as traders flew blind, sources say

Reuters · 1y ago

EquiLend hack raised costs as traders flew blind, sources say

A recent ransomware attack on EquiLend, a market utility company, caused disruptions in the trading market, temporarily leaving Wall Street unaware of trading risks. EquiLend, which is primarily used for borrowing securities and post-trade services, experienced a blackout of its systems from January 22 to February 5. Without access to EquiLend's electronic trading systems, traders were unable to see who they had struck deals with, raising capital costs for banks and causing market disruptions. The incident highlights the risks of centralized market infrastructure and the need for more robust backup plans. Regulators are expected to scrutinize third-party firms providing critical financial infrastructure.

SMBs are being hit with more malware attacks than ever, and many can't keep up

Techradar

Techradar · 1y ago

SMBs are being hit with more malware attacks than ever, and many can't keep up

According to a report from Sophos, small and medium-sized businesses (SMBs) are facing significant cyber threats including information-stealing malware, ransomware, and business email compromise (BEC). The report reveals that almost half of all malware detected on SMB endpoints were keyloggers, spyware, or infostealers used to steal sensitive data. Ransomware attacks have stabilized but continue to evolve, with remote encryption attacks increasing by 62% between 2022 and 2023. The report also highlights the sophistication of attackers engaging in BEC, often engaging in conversation with their victims before launching an attack.

UnitedHealth unit Change Healthcare's pharmacy network back online

Reuters · 1y ago

UnitedHealth unit Change Healthcare's pharmacy network back online

UnitedHealth Group has announced that its subsidiary, Change Healthcare, has restored its pharmacy network, following a cyber attack that affected its operations for several weeks. Change Healthcare processes approximately half of all medical claims in the US, making the attack a significant disruption in the healthcare industry. While most major pharmacy and payment systems are now operational, UnitedHealth is still working on bringing some pharmacies online. The US Department of Health and Human Services has initiated an investigation into the cyber attack, which UnitedHealth attributed to the "Blackcat" ransomware group. The full extent of the data breach is still unknown.

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