GUARDIANS OF THE ONLINE WORLD
Grocery is a boring, low-margin business. But that did not prevent cyber criminals from stealing data of 20 million customers of online grocer BigBasket and selling it for a staggering $40,000 or nearly ₹30 lakh on the dark web. And that too non-financial data such as name, email ID, PIN, contact number, address, date of birth, location, IP address.
BigBasket had thankfully not stored customers’ financial data such as debit/credit card details. But companies and their customers are not always so fortunate. In 2016, security of close to 3.2 million debit cards issued by major banks, including SBI, HDFC Bank, ICICI Bank, Yes Bank and Axis Bank, among others, was compromised. The breach, caused by a malware on an ATM network, resulted in not just financial loss to consumers and banks but also dented people’s in digital banking.
“There is always risk of financial loss in a cyber attack. To combat the evolving cyber security threats, banks need adaptive 24x7 methods of detection, defence and counter-attack,” says Abhimanyu Bhoan, CEO, New India Co-operative Bank.
With dramatic rise in cyber
