ALLANA MANAGEMENT JOURNAL OF RESEARCH, PUNE - Volume 7, Issue 1, January 2017 - June 2017

Pages: 62-68
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IMPACT OF CYBER ATTACKS WITH RESPECT TO DEBIT CARDS DATA BREACH ON ATM'S BUSINESS AND CUSTOMER BEHAVIOR OF INDIAN FINANCIAL INSTITUTIONS

Author: Dr. Abhijeet J. Kaiwade, Dr. Atik A. Shaikh

Category: Information Technology Management

Abstract:

The government announced its demonetization move urging Indians to shift to a cashless economy run on internet and plastic cards and India reported its biggest internet banking security breach. Over 3 million debit cards and their pin numbers, including those powered by Master card and Visa, were stolen by hackers. The Ministry of Finance reported that Rs 2.5 lakh was stolen from the accounts of Indians. Multiple public and private banks were affected.

And also many of financial institutions have faced cyber-attacks in the last three months. Several banks have faced increased problems in some form of cyber attack or security breach in recent times. The level of preparedness for cyber crime in India is very weak. Companies need to improve their response and detection capabilities.

Recently The State Bank of India, the country's largest bank, and its subsidiary banks blocked about 6.25 lakh debit cards of their customers after "some unidentified and suspicious" transactions spiked at third-party ATM machines. This happened a month ago and some data of customers being compromised. With such large number of cards involved, Banks thought it was better to replace the cards entirely. Largely the cards were magnetic-based.