Ransomware Attack Disrupts Payment Systems for Indian Banks

A ransomware attack on C-Edge Technologies has disrupted payment systems across nearly 300 small banks in India, affecting services like ATM withdrawals and UPI transactions. The National Payments Corporation of India (NPCI) has temporarily disconnected C-Edge from its retail payment system to mitigate further risks, resulting in outages primarily for cooperative and regional rural banks which represent about 0.5% of the country's payment volume. Restoration efforts are underway, with NPCI stating that security reviews are in progress to ensure the integrity of the payment ecosystem. No financial losses have been reported as of yet, and C-Edge is expected to submit a forensic report following the incident. The Reserve Bank of India and cybersecurity authorities had previously cautioned banks about potential cyber threats. This incident highlights the vulnerabilities faced by smaller banking institutions reliant on third-party technology providers.