Axis bank suffers security breach due to cyber attack; informs RBI about the issue
 Source : News Bharati English  Date : 19-Oct-2016

Mumbai, October 19: An official of Axis Bank, India's third largest private sector lender received an unexpected telephone call. The caller was an engineer at Kaspersky Lab, the well-known Moscow-headquartered cyber security firm and he listed names of several Axis computers which, according to him have been breached. The bank filed a preliminary report about the breach to Reserve Bank of India last week.
When an Axis team looked into the bank’s servers, it found out that there was indeed an unauthorized login by an unnamed, offshore hacker. Also, an audit and advisory firm is hired by Axis to carry out an investigation.

No reports of fund transfer have came in yet, but the bank and EY are trying to figure out the extent of damage, data loss if any, and most importantly whether the virus is still crawling in the institution’s server zone.

“Axis Bank, like many other large financial institutions, often receives security threats from across the globe. Safety and security of our systems and processes is of paramount importance to us and we constantly monitor and are vigilant in our efforts to combat any potential threats. We would like to state that there has been no monetary loss,” a bank spokesperson said.

Over the past few years, banks have been fighting cyber strikes. Many Indian banks, listed abroad, keep cyber-attacks under wraps and rarely inform the regulator.