Cosmos cyber attack: NPCI says systems completely secure

Stating that the malware attack on the system of Cosmos Bank has caused a “fraud loss of over Rs 90 crore”, NPCI said the cyber attack occurred within the Cosmos Co-operative Bank’s own IT environment.

A day after Cosmos Co-operative Bank reported a cyber attack that led to a fraud loss of Rs 94 crore, the National Payments Corporation of India (NPCI), the umbrella organisation for operating retail payments and settlement systems in India, has said its systems are fully secure and its officials are monitoring the situation continuously.

Stating that the malware attack on the system of Cosmos Bank has caused a “fraud loss of over Rs 90 crore”, NPCI said the cyber attack occurred within the Cosmos Co-operative Bank’s own IT environment. “NPCI wish to reiterate that our systems are fully secure and this particular issue has occurred within the Banks own IT environment. NPCI will continue to extend its support to the affected bank in identifying the cause of this fraud,” NPCI said.

Bharat Panchal, Head Risk Management, NPCI, said, “This has happened due to malware based attack on bank’s IT system which has caused a fraud. Under the attack, maximum transactions have been reported from outside India. We wish to reiterate that our systems are fully secure and we are monitoring the situation continuously. We are there to support bank in identifying the cause of this fraud.”

NPCI was set up by the RBI and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust payment and settlement Infrastructure in India.