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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.

Related News

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.

Ransomware is hitting the financial services industry harder than ever before

Techradar

Techradar · 1y ago

Ransomware is hitting the financial services industry harder than ever before

According to a report from Netskope's Threat Labs, the financial services industry is experiencing a surge in ransomware attacks. The report highlights Cl0p and LockBit as two prominent ransomware groups targeting the financial sector. Cl0p gained attention last year for exploiting vulnerabilities to compromise numerous organizations and steal data, while LockBit is a major ransomware-as-a-service provider. The report also identifies Microsoft One Drive, Sharepoint, and GitHub as popular platforms for malware distribution. Netskope emphasizes the importance of assessing and securing infrastructure to mitigate these threats.

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 enables new service amid outage

Reuters · 1y ago

Change Healthcare enables new service amid outage

UnitedHealth's unit, Change Healthcare, has announced that it has enabled a new instance of its service for all its customers following a recent cyberattack. The hack, conducted by the "Blackcat" ransomware group, caused disruptions in electronic pharmacy refills and insurance transactions across the U.S. healthcare system. Change Healthcare stated that it has completed testing with vendors and retail pharmacy partners to address the impacted services. Pharmacies nationwide have been experiencing disruptions as a result of this cyberattack.

Microsoft's Bing API outage hits thousands, social media erupts with memes

Livemint

Livemint · 1y ago

Microsoft's Bing API outage hits thousands, social media erupts with memes

A major outage in Microsoft's Bing application programming interface (API) has caused disruptions across various search platforms. The issues primarily impacted search engines and services that rely on Bing's API, such as DuckDuckGo and Ecosia. While Microsoft's own Bing search engine appears to be functioning normally now, other services like Copilot and ChatGPT are still experiencing problems. Microsoft is investigating the cause of the issue but has not reported any other service outages. Users may continue to experience disruptions until the problems are resolved.

RBI directs NPCI to certify 4-5 banks for Paytm UPI migration

Inshorts · 1y ago

RBI directs NPCI to certify 4-5 banks for Paytm UPI migration

The RBI has advised National Payments Corporation of India (NPCI) to consider the request of Paytm parent One97 Communication to become a Third-Party Application Provider for UPI transactions. For the seamless migration of the '@paytm' handle to other banks, NPCI may facilitate the certification of 4-5 banks as Payment Service Provider banks to process high-volume UPI transactions.

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.

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.

Paytm Shares Hit 5% Upper Circuit After NPCI Nod For TPAP Licence

Inc42 · 1y ago

Paytm Shares Hit 5% Upper Circuit After NPCI Nod For TPAP Licence

Paytm's parent company, One97 Communications Ltd, has been granted approval by the National Payments Corporation of India (NPCI) to participate in UPI services as a Third-Party Application Provider. This allows Paytm to operate UPI services under a multi-bank model, with Axis Bank, HDFC Bank, State Bank of India, and Yes Bank acting as payment system provider banks. The approval comes as a relief for Paytm, as the company has seen a significant drop in shares and investments following regulatory actions on Paytm Payments Bank Ltd.

Paytm May Tap HDFC Bank As Third Merchant Acquiring Partner

Inc42 · 1y ago

Paytm May Tap HDFC Bank As Third Merchant Acquiring Partner

Paytm has secured a Third-Party Application Provider (TPAP) license from the National Payments Corporation of India (NPCI) and is looking to partner with HDFC Bank as a payment service provider (PSP). Axis Bank and Yes Bank have already begun operating on the Paytm platform, and discussions are underway with Canara Bank and Kotak Mahindra Bank. The Reserve Bank of India has imposed restrictions on Paytm Payments Bank, limiting its services, but allowing businesses and UPI users to continue using Paytm's payment features.

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