Ransomware Attack Affects 300 Local Banks in India: 10 Points

Reuters reported a ransomware attack on C-Edge Technologies, a key service provider, has temporarily disrupted payment systems across nearly 300 small local banks in India. The incident led to these banks being isolated from the broader payment network to prevent further damage. The National Payment Corporation of India (NPCI) swiftly intervened, halting access to the retail payments system to contain the impact. Authorities are now auditing the situation to ensure that the ransomware doesn’t spread further.

Ransomware Attack Affects 300 Local Banks in India: 10 Points

1. C-Edge Technologies, a key banking service provider, was targeted by a ransomware attack, affecting 300 small local banks in India.
2. The attack led to the temporary shutdown of payment systems in these banks, disrupting their access to national payment networks.
3. The National Payment Corporation of India (NPCI) isolated C-Edge from its system, preventing access to retail payments to contain the impact.
4. Customers of the affected banks will experience service disruptions, unable to access payment systems during the period of isolation.
5. Around 300 small banks, primarily operating outside big cities, were impacted, constituting only 0.5% of the country’s payment volumes.
6. The Reserve Bank of India (RBI) and C-Edge Technologies have not responded to requests for comments regarding the ransomware attack.
7. NPCI is conducting an audit to prevent the ransomware attack from spreading further across the national payment network.
8. Indian banks had been warned about potential cyberattacks in recent weeks by RBI and national cyber authorities.
9. The majority of affected banks are cooperative and regional banks, which mainly serve customers in rural and semi-urban areas.
10. Authorities are actively working to secure the payment systems and restore normal operations for the impacted banks.