Cybercrime Soars in India’s Financial Sector: RBI Reports Over 13 Lakh Attacks in 10 Months

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The Reserve Bank of India (RBI) has released a shocking report revealing that India’s financial sector faced an unprecedented number of cyber-attacks between January and October this year. According to the report, over 13 lakh cyber-attacks targeted banks and non-banking financial institutions, translating to approximately 4,400 attacks every day.

Vulnerable Services and Unauthorized Network Scanning: Top Concerns

The RBI’s findings highlight that vulnerable services accounted for over seven lakh attacks or 54 per cent of all incidents, while unauthorized network scanning accounted for 4.4 lakh or 33 per cent of all attacks. This suggests that attackers are exploiting weaknesses in financial systems to gain unauthorized access and steal sensitive information.

Concerns about Security of India’s Financial Systems

The rise in cyber-attacks has raised concerns about the security of India’s financial systems. In a chilling reminder of the vulnerability of even the most secure systems, hackers targeted the central bank of Bangladesh in February 2016 and managed to steal $101 million despite attempts by SWIFT to block the transactions.

State-Sponsored Cyber-Attacks: A Growing Concern

A report by the International Monetary Fund (IMF) revealed that North Korea has stolen over $2 billion from at least 38 countries in the past five years, highlighting the sophistication and scope of state-backed hacking operations. This highlights the need for improved cybersecurity measures to counter these sophisticated attacks.

Urgent Need for Improved Cybersecurity Measures

The RBI’s findings underscore the urgent need for improved cybersecurity measures in India’s financial sector. The report noted that remote working has expanded access points and internet exposures to internal systems, while the adoption of cloud technologies has added complexities to traditional security structures.

State-Actors and State-Sponsored Hackers: A Growing Threat

As the country grapples with this growing threat, experts warn that petty criminals and fraudsters are not the only ones responsible for these attacks. State-actors and state-sponsored hackers have also become increasingly active, posing a significant risk to financial institutions and individuals alike.

Conclusion

The RBI’s report serves as a wake-up call for India’s financial sector to prioritize cybersecurity and implement robust measures to protect against cyber threats. With the increasing reliance on digital services and remote working, it is essential to stay ahead of the game and address these vulnerabilities to ensure the security and integrity of India’s financial systems.