India’s Leading & Oldest Co-operative bank COSMOS bank hit by massive 94 crore cyber hack

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Pune based COSMOS bank one of the oldest & leading cooperative bank of India  hit by a massive cyber hack in august 2018. According to reports around Rs. 94 crore (940 million) has been transferred to bank accounts outside the country. According to FIR lodged in Chatushrungi police station a Hongkong based company and un-named man linked to the incident. However, according to Business Standard  sources said that Automated Teller Machine (ATM) withdrawals have been traced across 28 countries.

In the FIR, registered at the Chatushrungi police station in Pune, the banks’ management states that there was a malware vulnerability in its ATM switch which is located at the bank’s headquarters on Ganeshkhind Road (Pune). 

Bloomberg Quoted, earlier this year, City Union Bank had said that hackers based overseas transferred $2 million through three unauthorized transactions via the SWIFT messaging system, according to a report in the Economic Times. That was similar to the 2016 heist at the Bangladesh central bank when cyber attackers siphoned $81 million.

According to business standard, In March 2017, Quick Heal Technologies notified the banks’ management of a RIG Exploit kit vulnerability on its website. Essentially the ransomware termed ‘Cerber Ransomware’ encrypts all documents, photos and other files of the users’ machine which will only be handed back if the user pays money.

In its report, Quick Heal stated that the bank must update their “Windows Operating Systems with the latest security patches and use security solutions.” Most cyber exploits or hacks take place because of a lax attitude from institutions when it comes to ensuring their computer networks are secured and are updated with the latest operating systems and security protocols.