Final Project

The case i am choosing for my Final Project is about the Massive Debit card hacks to Indian Banks which affect the 3.2 million Debit Card holders. The hack was among the biggest financial data breaches in India with several victims reporting unauthorized transactions that have reportedly originated in China. SBI, HDFC Bank, YES Bank and Axis Bank were among the worst hit, according to the report. About 2.6 million affected cards on the visa and MasterCard platform. In an e-mailed statement to HUFF POST India SBI said  "Card network Companies NPCI, MasterCard and Visa had informed various banks in India about a potential risk to some cards in India owing to data breach. Accordingly, SBI has takenprecautionary measures  and have bloced cards of certain customers identified by the network.

www.huffingtonost.in/2016/10/20/massive-debit-card-hack-hits-indian-banks

www.zeenews.india .com/tags/hacking-case.html

Yet, despite the possible size and scale of the crisis, there are plenty of questions and no comprehensive

answer for how something like this could go undetected for months in Asia third largest economy. The incident has also underscored India urgent requirement to overhaul consumer protection and cyber security regulations especially at the time when Narendra Modi government is attemting to create a robust digital economy.

My thoughts is, this is not good for the consumers because they put lot of money and their risk in Banks. Hackers do their very best to make the people homeless by attacking their bank accounts and ATM machines. Initially malware which is malicious software that targets computer system detected in ATM machines system belonging to Yes bank India fifth largest private bank. This ATM is operated by Japanese firm Hitachi payment Services. The malware allowed hackers to extract money from bank accounts via debit cards but the exact number of accounts affected is unclear. 

The RBI rules on monetary losses caused by security breaches are clear. The bank shall ensure full security of debit cards. The security of debit cards shall be responsibility of the banks and losses incurred by any party on account of breach of security or failure of the security mechanism shall be borne by the bank. But no banks has admitted to failure of its security system. If the data breach was Hitachi end as some are making it out to be then one isn't sure what exactly RBI can do as Hitachi is third party vendor. 

To address the third party security issue , RBI put out a draft proposal in February which would protect customers with limited liability in case of unauthorized e transactions . These proposals   would cover third party security breaches provided the customers report suspected fraudulent activity within three days.

For banking institutions, it is important to adopt solutions that proactively address adversaries and establish real time monitoring systems to detect, protect and prepare from cyber attacks Said Shrikant Shitole , Managing director at symantec a security software firm