A cyber attack ransom ware hit on financial technology service provider of digital Payment Systems forced shutdown of nearly 300 cooperative and regional rural banks across India.
A cyber attack ransom ware hit on financial technology service provider of digital Payment Systems forced shutdown of nearly 300 cooperative and regional rural banks across India.
The mobile and online financial systems of Unified Payment Interface (UPI), electronic fund transfer system Immediate Payment Service (IMPS) and retail payments of 300 small banks were shut down as precautionary measures after the ransom ware attack on tech provider C-Edge Technologies on Wednesday.
The cyber attack on C-Edge Technologies forced over 30O small banks using the financial technology services to temporarily stop payment systems.
The connectivity with the payment systems was restored late Thursday by NCPI after security review conducted by an independent forensic auditing firm, confirmed that the impacted systems were isolated to contain potential spread of the ransomware.
The National Payments Corporation of India (NPCI) had issued notices to UPI and IMPA payment services on Wednesday to isolate C-Edge Technologies from accessing NPCI retail payment systems to limit the impact of the cyber attack.
“The impact was limited to C-Edge systems hosted in their data centre and not on any of the co-operative banks or regional banks own infrastructure. The services of co-operative banks and regional rural banks, which were dependent on C-Edge have now been restored,” said NCPI statement.
The joint venture of Tata Consultancy Services (TCS) and State Bank of India (SBI), C-Edge Technologies provides banking and finance software solutions and mostly caters to cooperative and regional rural banks. It functions as a technology, infrastructure and service provider for financial institutions in India and abroad.