India’s largest bank has secured an unprotected server that allowed anyone to access financial information on millions of its customers, like bank balances and recent transactions.
Expert Comments below:
Ilia Kolochenko, CEO at High-Tech Bridge:
“In light of the economic slowdown in many developed countries, India is becoming a growing and dynamic market both for entrepreneurs and cybercriminals. Many new startups start offering various e-services related to micro-finance and other niches that involve the handling of personal and financial data. At the same time, the best cybersecurity minds of the country are employed by Western companies, creating a considerable skills shortage for local companies.
“Cybercriminals carefully monitor and analyze emerging opportunities for low hanging fruit, and undoubtedly India will become a priority on their criminal To Do list.
“Speaking about this particular leak, I think virtually any large financial organization may face a similar incident. Modern IT infrastructures are so complicated that virtually no single company has an up2date and holistic inventory of their digital assets, let alone continuous monitoring and related security processes. While data sharing with trusted third-parties makes privacy and data protection virtually impossible.”