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After SBI's card block move, Axis Bank says it faces no loss from cyber attack

SBI had on Wednesday blocked 6 lakh debit cards after being informed of potential risks faced by some of its customers

Axis Bank Ltd, India's third-biggest private sector lender by assets, said on Wednesday there was no loss to its customers from a recent cyber attack.

"Our internal monitoring mechanism identified such a threat recently and all steps have been undertaken to neutralize the same," the bank said in a statement to Reuters.

India's Economic Times newspaper, which first reported the news, said the bank filed a preliminary report about the breach to the regulator, Reserve Bank of India, and that it had hired Enrst & Young to carry out an investigation.

"As a responsible financial institution, we proactively communicate potential threats to the regulator," the bank said in the statement, adding that it had a large team of information technology professionals who monitor its systems and mitigate any threat.

Separately, State Bank of India, the nation's top lender by assets, said on Wednesday it had blocked cards of certain customers, and was issuing them new cards, in "precautionary" measures after being informed of potential risks to those cards.

The issue was not specific to SBI, the bank said.

"Card network (including) the National Payments Corporation of India, MasterCard and Visa had informed various banks in India about a potential risk to some cards, owing to a data breach," said SBI, adding that its own systems had not been compromised.

Cyber attacks on banks and financial services firms have been on the rise worldwide.

In July, state-run Union Ltd said one of the bank's offshore accounts was breached in a cyber attack, but the money trail was traced and the movement of funds was blocked.

Some $81 million was stolen from the Bangladesh central bank account with the New York Fed this year in one of the biggest-ever cyber heists.

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Business Standard
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Business Standard

After SBI's card block move, Axis Bank says it faces no loss from cyber attack

SBI had on Wednesday blocked 6 lakh debit cards after being informed of potential risks faced by some of its customers

Reuters  |  MUMBAI 

An employee speaks on his mobile phone as he walks inside Axis Bank's corporate headquarters in Mumbai
An employee speaks on his mobile phone as he walks inside Axis Bank's corporate headquarters in Mumbai

Axis Bank Ltd, India's third-biggest private sector lender by assets, said on Wednesday there was no loss to its customers from a recent cyber attack.

"Our internal monitoring mechanism identified such a threat recently and all steps have been undertaken to neutralize the same," the bank said in a statement to Reuters.

India's Economic Times newspaper, which first reported the news, said the bank filed a preliminary report about the breach to the regulator, Reserve Bank of India, and that it had hired Enrst & Young to carry out an investigation.

"As a responsible financial institution, we proactively communicate potential threats to the regulator," the bank said in the statement, adding that it had a large team of information technology professionals who monitor its systems and mitigate any threat.

Separately, State Bank of India, the nation's top lender by assets, said on Wednesday it had blocked cards of certain customers, and was issuing them new cards, in "precautionary" measures after being informed of potential risks to those cards.

The issue was not specific to SBI, the bank said.

"Card network (including) the National Payments Corporation of India, MasterCard and Visa had informed various banks in India about a potential risk to some cards, owing to a data breach," said SBI, adding that its own systems had not been compromised.

Cyber attacks on banks and financial services firms have been on the rise worldwide.

In July, state-run Union Ltd said one of the bank's offshore accounts was breached in a cyber attack, but the money trail was traced and the movement of funds was blocked.

Some $81 million was stolen from the Bangladesh central bank account with the New York Fed this year in one of the biggest-ever cyber heists.

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After SBI's card block move, Axis Bank says it faces no loss from cyber attack

SBI had on Wednesday blocked 6 lakh debit cards after being informed of potential risks faced by some of its customers

SBI had on Wednesday blocked 6 lakh debit cards after being informed of potential risks faced by some of its customers
Axis Bank Ltd, India's third-biggest private sector lender by assets, said on Wednesday there was no loss to its customers from a recent cyber attack.

"Our internal monitoring mechanism identified such a threat recently and all steps have been undertaken to neutralize the same," the bank said in a statement to Reuters.

India's Economic Times newspaper, which first reported the news, said the bank filed a preliminary report about the breach to the regulator, Reserve Bank of India, and that it had hired Enrst & Young to carry out an investigation.

"As a responsible financial institution, we proactively communicate potential threats to the regulator," the bank said in the statement, adding that it had a large team of information technology professionals who monitor its systems and mitigate any threat.

Separately, State Bank of India, the nation's top lender by assets, said on Wednesday it had blocked cards of certain customers, and was issuing them new cards, in "precautionary" measures after being informed of potential risks to those cards.

The issue was not specific to SBI, the bank said.

"Card network (including) the National Payments Corporation of India, MasterCard and Visa had informed various banks in India about a potential risk to some cards, owing to a data breach," said SBI, adding that its own systems had not been compromised.

Cyber attacks on banks and financial services firms have been on the rise worldwide.

In July, state-run Union Ltd said one of the bank's offshore accounts was breached in a cyber attack, but the money trail was traced and the movement of funds was blocked.

Some $81 million was stolen from the Bangladesh central bank account with the New York Fed this year in one of the biggest-ever cyber heists.
image
Business Standard
177 22

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