Pune: Co-op banks plan ways to keep away hackers

To prevent cyber attacks, banks to join hands to set up security centre

India cyber security risks, Telecom Secretary Aruna Sunadararajan, WSIS Forum, digital payments, cyber attacks, digital access, telecom infrastructure, digital literacy

In a meeting held on Wednesday, these banks decided to pool in funds to set up a common knowledge centre and a security centre. (File)

In the wake of the malware attack on Cosmos Bank, during which hackers syphoned off Rs 94 core, urban cooperative banks have started taking steps to strengthen their cybersecurity. Hackers who targeted Cosmos Bank used a sophisticated method to bypass the bank’s Core Banking Solution server and route ATM transactions through a proxy server. Within a span of a few hours, cloned cards were used both in India and abroad to withdraw the cash. Pune City Police have formed a special investigation team to probe the matter while the bank has employed a private forensic auditor to get more information about the breach.

In a meeting held on Wednesday, these banks decided to pool in funds to set up a common knowledge centre and a security centre, said Vidyadhar Anaskar, chairman of the Maharashtra Urban Cooperative Bank Federation. “We will meet the Chief Minister to ask for a piece of land in Hinjewadi, where the centre will be built,” he said.

During the meeting, many banks that already have robust IT infrastructure had spoken about the steps they have taken to fortify bank accounts.

Story continues below this ad

Vijay Dhere, president of the Pune Federation of Urban Cooperative banks, said while most banks have their own data centre, the smaller ones rent data centres from other banks. Some banks such as Cosmos Bank and Janata Sahakari Bank have a significant online presence. But some of the smaller banks don’t have provisions of ATMs or card facilities, said Dhere. He said the banks have also stepped up efforts to create awareness among customers. “Our branches have been asked to hold camps for customers, to prevent them from falling prey to online attacks,” said Dhere.

A specific helpline number would also be set up to quickly resolve any problems the customers may be facing.

Parthasarathi Biswas

Partha Sarathi Biwas is an Assistant Editor with The Indian Express with 10+ years of experience in reporting on Agriculture, Commodities and Developmental issues. He has been with The Indian Express since 2011 and earlier worked with DNA. Partha's report about Farmers Producer Companies (FPC) as well long pieces on various agricultural issues have been cited by various academic publications including those published by the Government of India. He is often invited as a visiting faculty to various schools of journalism to talk about development journalism and rural reporting. In his spare time Partha trains for marathons and has participated in multiple marathons and half marathons. ... Read More