This might be shocking for everyone as the Indian small banks have been hit with a ransomware attack. This report comes from Reuters, which states that a company by the name of C-Edge has been the main target of this attack.
For those who don’t know, C-Edge is a banking tech service provider for some of the small banks in India. Currently, this attack is limited to these small cooperative banks only.
The National Payments Corporation of India (NPCI), which oversees the payment system in India, issued an advisory late Wednesday stating that it has “temporarily isolated C-Edge Technologies from accessing the retail payments system operated by NPCI.”
As a result, customers of the small banks serviced by C-Edge Technologies won’t be able to use the payment system during the period of isolation.
The report further mentions that approximately 300 small banks have been isolated from the payment system. Citing a source, the report states, “Most of these are small banks and only about 0.5% of the country’s payment system volumes would be impacted.”
There are nearly 1,500 small and cooperative banks outside big cities, and among these are the ones that have been affected by this attack.
However, the report did not mention the names of the banks currently affected. NPCI is conducting a thorough audit to ensure the attack does not spread.
Lastly, no one has taken responsibility for the attack yet, but more details about it are awaited.
