Private sector Axis Bank said on Wednesday there was no loss to its customers from the recent cyber attack. The malware attack was recognized in time and was duly informed to the regulator RBI. The bank’s internal monitoring system determined such a danger recently and all steps have been undertaken to neutralist the same, it said. “We stay devoted to our customers and it is been our practice to ensure that our customers’ interests are guarded. There has been no loss to our customers, ” it added.
Because a responsible lender, it said, the bank proactively communicate potential threats to the regulator to maintain broader systemic integrity. In the mean time, SBI and its part banks blocked about 6 lakh free Debit Cards due to a malware-related security breach as part of precautionary measures after being informed of potential risks to the people Debit cards.
In July, state-owned Union Bank of India was also hit by cyber crime attack but successfully averted the theft from USD Nostro account. Union Bank proceeded to go for a cyber security forensic audit to recognize and plug gaps, if any.
Last month, in a gathering with head of public sector banks, Financing Minister Arun Jaitley talked about issues related with internet security and measures to strengthening cyber security. With instances of cyber crime attack rising, the Reserve Bank also in its bi-monthly policy said it has chose to increase its relief coverage on IT dangers for banks with an aim to eventually cover all the lenders.
RBI had started a special supervision of banks internet security last year on a pilot basis in which it had protected a few most significant banking institutions. The RBI is also along the way of setting up a dedicated IT subordinate company which may help with such issues.