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February 19, 2018

India’s City Union Bank hit by cyber attack

Indian lending firm City Union Bank has suffered cyber attacks on its SWIFT financial platform where the hackers transferred nearly $2m through three unauthorised remittances.

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The bank detected the fraudulent transactions during the reconciliation process where the cyber criminals entered into its system illegally.

The first remittance was made through Standard Chartered Bank, New York to a Dubai based bank for $500,000, which was blocked and returned to the bank.

The second remittance was made through Standard Chartered Bank’s Frankfurt branch to a Turkish bank for €300,000.

Valuing $1m, the third remittance was made through New York’s Bank of America to a Chinese bank where the beneficiary submitted forged documents to claim the fund.

Currently, the bank is working with the Government of India’s Ministry of External Affairs, National Cyber Security Council as well as the Consulate Generals of Shanghai and Istanbul to retrieve the amount through legal and diplomatic channels.

City Union Bank stated that SWIFT payment system has started operating again after implementing enhanced security features.

The bank also noted that it found no evidence of internal staff involvement in this incident.

This incident happened at a time when Punjab National Bank, one of the largest lending businesses in India, has been hit by a $1.7bn fraud.

Free Whitepaper
img

Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

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