New Delhi: State-owned Bank of Baroda is in a great deal of trouble since it is believed that almost 1TB of sensitive information pertaining to the Bank is out for grabs on the dark web. Despite the serious concerns mentioned in the reports, it remains possible that this was a coincidence and the bank hasn’t actually confirmed its involvement in the breach, nor have the Government agencies reported any confirmation thereof up till now.
A threat actor reportedly claims to hold approximately 1TB of Bank of Baroda data. According to reports, a threat actor has claimed to have got hold of approximately 1TB of Bank of Baroda’s data. The fake data allegedly contained files of customers, company banking data, savings and current account data, loan records, NetBanking users’ information, NRI banking documents, customer support documents, and bank branch and ATM related documents. The attacker also reported giving out copies of the files and links to download her sample files online.
A group of cybersecurity analysts who examined some of the shared sample files said they had customer-related information and internal banking documents. But the experts have warned that the sample files are not sufficient to prove that Bank of Baroda’s core banking system was hacked. The extent and authenticity of the alleged breaches would need to be ascertained by a complete forensic examination.
This time, it was reported on the dark web and social media, through monitoring accounts that pointed out the supposed data leak. This “cyber disaster,” Srikanth Lakshmanan, a cybersecurity expert, said, in reference to the alleged data’s download link being live. He also appealed to the regulatory bodies like the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) to thoroughly investigate the situation due to the risks it poses to India’s banking system.
It is said that the leaked information might include highly sensitive information about the customers, such as their names, account information, their Aadhaar numbers, loans they have applied, internal audit reports, internal banking documents and other confidential records related to customers. Verified claims may lead to issues of identity theft, phishing, and financial fraud for affected customers. But so far, there’s been no evidence of lost customers due to the attempted breach.
Bank of Baroda has not issued any official declaration so far on the said data leak. Likewise, India’s Computer Emergency Response Team (CERT-In), the RBI, and NPCI itself have not commented on the possible confirmation of the alleged hacking. The origin of the information and usage of the information is also unknown.
Bank of Baroda customers have been urged not to panic, but stay alert, by cybersecurity experts. Customers must routinely check their bank statement for any unusual activity, be wary of emails or text messages that seem suspicious, and should not give OTPs, passwords, PINs, or financial information to anyone on the Internet. Using two-factor authentication, changing online banking passwords often, and ensuring security features are up to date will also make the accounts safer.
With reports continually emerging about the threats to financial institutions, the one mentioned in the report is an example of the trend. Although the actual validity of the hack and whether or not it compromises customers’ financial data has yet to be finally determined, the incident still bears witness that banks and their customers should maintain robust cybersecurity protocols to safeguard sensitive financial data. Police will further investigate, and additional details may become available when the result of their investigation is released.
