Dear Readers,
This is our attempt to analyze Online security in India by looking at some of the biggest Cyber Attacks in India. We have to break it down into three articles, this being the first of the three parts.
AmbiSecure with its mission to safeguard our highly connected world against cybercrime to create a safer and more secure work and personal environment wishes to draw the attention of our customers and readers of blog posts towards the Online Security situation in India.
Ambimat Electronics, with its experience of over forty years, desires to draw the attention of its readers and potential customers towards this blog post about their new product called AmbiSecure key and how it will benefit us.
UIDAI Aadhaar Software Hacked
Billion Indian Aadhaar card details were leaked and this is one of the massive data breaches that happened in 2018.UIDAI released the official notification about this data breach and mentioned that around 210 Indian Government websites were hacked.
Aadhaar Software Hacked: This data breach included Aadhar, PAN, bank account IFSC codes, and other personal information of the users and anonymous sellers were selling Aadhaar information for Rs. 500 over Whatsapp. Also, one could get an Aadhaar card printout for just Rs.300.
ATM System Hacked
Canara Bank ATM servers were targeted around mid-2018. According to sources, more than 300 user’s ATM details were hacked by attackers and wiped off 20 lakh rupees from various bank accounts.
How did they do it? Hackers used skimming devices to steal information and stolen amounts of up to 20 lakh rupees.
Prevention: Enhancement of the security features in ATMs can prevent any misuse of data.
SIM Swap Scam
Two hackers from Navi Mumbai fraudulently gained SIM card information and illegally transferred money from the bank accounts of rupees 4 crores in August 2018. They carried out transactions via online banking.
Aforesaid stats and events of the latest cyber-attacks in India are the wake-up call for all Financial sectors that are still vulnerable to cyber threats. Organizations need to implement cybersecurity measures and follow the below-mentioned security guidelines.
Prevention: Not Sharing your personal information with unknown domains can help in minimizing the risk of having your personal information reaching people with malicious content.
Cyber-attack on Union Bank of India
Another shocking cyberattack that made everyone alert was done in July 2017. The attack was on one of India’s biggest banks; the Union Bank of India.
The attack was initiated when an employee opened an email attachment. This email attachment had a malware code. It allowed the hackers to get inside the bank’s system and steal the bank’s data. The email attachment forged a central bank email.
The employee overlooked the details and trusted the email, which initiated a malware attack and allowed the hackers to get inside the bank’s data and steal Union Bank’s access codes for the Society for Worldwide Interbank Financial Telecommunication (SWIFT). SWIFT is used for international transactions. The hacker used these codes and transferred $170 million to a Union Bank account at Citigroup Inc in New York.
Cosmos Bank Cyber Attack in Pune
A recent cyberattack in India in 2018 took place in Cosmos bank when hackers siphoned off Rs. 94.42 crores.
How did they do it? Hackers hacked into the bank’s ATM server and took all the card details and wiped off money from 28 countries and immediately withdrew the amount as soon as they were informed.
Prevention: Hardening of the security systems can help authorized people can be the way forward.
AmbiSecure fortifies IoT and IIoT revolution with affordable protection that is mandatory to critical infrastructures. Enterprises that are looking to ensure the integrity of their devices, data and maintain business continuity. AmbiSecure enforces safety to connected devices like smart meters, smart lighting, gateways, and many more, against a wide range of persistent attacks, including Phishing, Account-centric frauds, ransomware, DDoS, and the like.
Going beyond passwords
FIDO2 is a standard that simplifies and secures user authentication. It uses public-key cryptography to protect from phishing attacks and is the only phishing-proof factor available. Corporations around the world and across many sectors can benefit from Fast Identity Online or Fast ID Online (FIDO) authentication, which their employees and users can use to minimize security risks and improve the user experience. We use FIDO for our AmbiSecure key and card which offers superior security by combining hardware-based authentication and public key cryptography to effectively defend against phishing attacks and eliminate account takeovers.
AmbiSecure helps organizations accelerate to a password-less future by providing support for the FIDO2 protocol. FIDO2 supports not only today’s two-factor authentication but also paves the way for eliminating weak password authentication, with strong single-factor hardware-based authentication. The AmbiSecure provides a simple and intuitive authentication experience that users find easy to use, ensuring rapid adoption and organizational security. Ambisecure key or card does not require a battery or network connectivity, making authentication always accessible.
About Ambimat Electronics:
With design experience of close to 4 decades of excellence, world-class talent, and innovative breakthroughs, Ambimat Electronics is a single-stop solution enabler to Leading PSUs, private sector companies, and start-ups to deliver design capabilities and develop manufacturing capabilities in various industries and markets. AmbiIoT design services have helped develop Smartwatches, Smart homes, Medicals, Robotics, Retail, Pubs and brewery, Security.
Ambimat Electronics has come a long way to become one of India’s leading IoT(Internet of things) product designers and manufacturers today. We present below some of our solutions that can be implemented and parameterized according to specific business needs. AmbiPay, AmbiPower, AmbiCon, AmbiSecure, AmbiSense, AmbiAutomation.
To know more about us or what Ambimat does, we invite you to follow us on LinkedIn or visit our website.
References:
https://www.mygreatlearning.com/blog/biggest-cyber-security-threats-indian-banking-sector/
