Summary: A ransomware attack on C-Edge Technologies has temporarily disrupted payment systems for nearly 300 small banks in India, isolating them from the national payment network to prevent further impact. The Reserve Bank of India and the National Payment Corporation of India are monitoring the situation and conducting audits to mitigate risks.
Threat Actor: Ransomware Group | ransomware group
Victim: C-Edge Technologies | C-Edge Technologies
Key Point :
- The ransomware attack has led to the temporary shutdown of payment systems across nearly 300 small banks in India.
- The National Payment Corporation of India (NPCI) has isolated C-Edge Technologies from the retail payments system to prevent further issues.
- Only about 0.5% of the country’s payment system volumes are affected, primarily impacting small banks outside major cities.
- Indian banking authorities had previously warned about potential cyber attacks, indicating a heightened risk environment.
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C-Edge Technologies did not respond to a Reuters email seeking comment.
A ransomware attack on a technology service provider has forced payment systems across nearly 300 small local banks in India to shut down temporarily, two sources directly aware of the matter told Reuters.
The attack affected C-Edge Technologies, a provider of banking technology systems to small banks across the country, they said.
C-Edge Technologies did not respond to an email seeking comment. The Reserve Bank of India did not respond to Reuters’ request for comment.
The National Payment Corporation of India (NPCI), an authority that oversees payment systems, in a public advisory issued late on Wednesday, said that it had “temporarily isolated C-Edge Technologies from accessing the retail payments system operated by NPCI.”
“Customers of banks serviced by C-Edge will not be able to access payment systems during the period of isolation,” the NPCI said.
Nearly 300 small banks have been isolated from the country’s broader payment network to prevent any wider impact, the sources, who are officials at a regulatory authority, said.
“Most of these are small banks and only about 0.5% of the country’s payment system volumes would be impacted,” said one of the sources.
India has nearly 1,500 cooperative and regional banks which mostly have operations outside big cities. It is some of these banks that have been affected, the sources told Reuters.
NPCI is conducting an audit to ensure that the attack does not spread, the second source said.
The RBI and the Indian cyber authorities have warned Indian banks about possible cyber attacks in the past few weeks, banking industry sources and the first source said.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)