From: Quartz | India
Customers of India’s biggest lenders, including the State Bank of India (SBI), HDFC Bank, ICICI Bank, and Yes Bank, were affected, with an estimated Rs1.3 crore already whisked off by hackers. Caught squarely with their pants down, banks are now taking evasive actions: SBI, for instance, is re-issuing over 600,000 debit cards, while others like HDFC Bank have urged customers to change passwords and ATM PINs (personal identification numbers).
Yet, despite the possible size and scale of the crisis, there are plenty of questions and no comprehensive answers for how something like this could go undetected for months in Asia’s third-largest economy. The incident has also underscored India’s urgent requirement to overhaul consumer protection and cyber security regulation, especially at a time when the Narendra Modi government is attempting to create a robust digital economy.