ORX News digest of the month – October 2018
- 12 November 2018
Every month the ORX News team publishes a featured digest from the ORX News Service. It's a detailed look at one of the losses reported in the media that month, and is handpicked by the team as one of the most interesting stories.
State Bank of Mauritius' India operations lose up to USD 4 million in cyberattack:
On 2 October, hackers targeted the SWIFT systems of State Bank of Mauritius’ (SBM) Indian operations, resulting in a potential loss of up to $4m. Initially, the bank reported that $14m had been fraudulently transferred, but reduced this figure following recovery efforts. The bank said that customer accounts had not been targeted.
In response to the attack, SBM initiated a cyber security review of its Indian operations and informed the relevant authorities. According to ORX News data, banks in India have suffered total losses of $41.6m and one data breach this year as a result of cyberattacks.