The attackers’ attack resulted in the shutdown of 300 Indian banks

1 August 2024 2 minutes Author: Newsman

As a result of an attack by attackers on the provider of technical systems C-Edge Technologies, about 300 Indian banks temporarily stopped the operation of their payment systems.

Indian banking regulators were forced to shut down more than 300 banks on Wednesday after a hacker attack hit the systems of tech services provider C-Edge Technologies. This caused a temporary shutdown of payment systems in small banks across the country.

C-Edge Technologies provides banking technology systems to small banks across India. The company did not respond to requests for comment after the attack. The Reserve Bank of India and the National Payments Corporation of India (NPCI) also declined to comment. NPCI issued a public notice saying it had temporarily isolated C-Edge Technologies from accessing the retail payment system operated by NPCI. This means that customers of banks served by C-Edge will not be able to use payment systems during the isolation period.

The Reserve Bank of India and India’s cyber authorities have been warning banks about possible cyber attacks over the past few weeks. India has nearly 1,500 cooperative and regional banks, mostly outside major cities, and it was some of these banks that were affected by the attack. According to sources who are representatives of the regulatory authorities, this will affect only 0.5% of the volume of the country’s payment system. NPCI conducts an audit to ensure that the attack did not propagate.

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