State Bank of Mauritius’ India operations face cyber attack, likely to lose...

State Bank of Mauritius’ India operations face cyber attack, likely to lose $14 million

Cyber_Attack

In a shocking state of affair, the India operations of State Bank of Mauritius (SBM) has been attacked by cybercriminals.

Cyber_SecurityThe bank is most likely to face a maximum potential loss of $14 million due to this cyber attack. The attack, however, did not cause any loss to the customers and the Indian business operations of the bank would continue as normal, said SBM Holdings (SBMH) in its official statement.

The lender has initiated an internal inquiry and the matter is reported to the relevant authorities for investigation, said the communique.

The bank added that it is well capatalised and has sufficient liquidity to continue to finance its future plans.

According to the RSA Quarterly Fraud Report, phishing accounted for 48 percent of all cyber-attacks, during January 1 to March 31, 2018.

The report revealed that phishing and malware-based attacks are the two most prominent and dangerous online fraud tactics globally. India is one of the top three target countries for such attacks.

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